Section 125.709c - Revenues, disposition, purpose; fiscal agent, duties.
HOUSING FACILITIES (EXCERPT)
Act 18 of 1933 (Ex. Sess.)
125.709c Revenues, disposition, purpose; fiscal agent, duties.
Sec. 59c.
The bond authorizing ordinance shall also provide for the disposition, disbursement and deposit of all revenues generated from any cooperatively financed project to insure the proper operation and maintenance of the projects and the payment of bonds and the interest thereon. The ordinance shall specify the responsibilities, duties and obligations of the fiscal agent properly to apply, disburse and otherwise set aside revenues of any project and any contractual payments made to the fiscal agent.
History: Add. 1970, Act 249, Imd. Eff. Dec. 30, 1970