Michigan Laws 254.159 – Lien on bond proceeds
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Terms Used In Michigan Laws 254.159
- Lien: A claim against real or personal property in satisfaction of a debt.
- Trustee: A person or institution holding and administering property in trust.
- works: shall include all property, rights, easements and franchises relating thereto and deemed or convenient for their operation, and shall embrace an international bridge over, and ferries across the Saint Clair River at or near Port Huron. See Michigan Laws 254.152
Lien upon bond proceeds. All moneys received from any revenue bonds issued pursuant to this act shall be applied solely to the payment of the cost of the works or to the appurtenant sinking fund, and there shall be and hereby is created and granted a lien upon such moneys until so applied, in favor of the holders of the bonds or the trustee hereinafter provided for in respect of such bonds.