Michigan Laws 141.1411 – Payment of costs from certain revenues
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The payment of principal, interest, and other costs including engineering, financial, and issuance costs, associated with bonds issued by the authority may be made by the authority from any of the following revenues:
(a) Federal grants, loans, appropriations, payments, or contributions.
Terms Used In Michigan Laws 141.1411
- Authority: means a convention facility authority created under section 4. See Michigan Laws 141.1403
- Convention facility: means all or any part of, or any combination of, a convention hall, auditorium, arena, sports facility, market, or other facility meeting rooms, exhibition area, and related adjacent public areas that are generally available to the public for lease or use, together with appurtenant property, including parking lots or structures, necessary and convenient for use in connection with the convention facility. See Michigan Laws 141.1403
- Fund: means the convention facility authority fund created for each authority as provided in section 10. See Michigan Laws 141.1403
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(b) The proceeds from the sale, exchange, mortgage, lease, or other disposition of property that the authority has acquired.
(c) Grants, loans, appropriations, payments, proceeds from repayments of loans made by the authority, or contributions from public or private sources.
(d) Money in the fund including rents, admission fees, or other charges for use of the convention facility.
(e) Investment earnings on the revenues described in subdivisions (a) to (d).