Statutes > Michigan Statutes > Chapter 324 - NATURAL RESOURCES AND ENVIRONMENTAL PROTECTION > Act 451 of 1994 - NATURAL RESOURCES AND ENVIRONMENTAL PROTECTION ACT (324.101 - 324.90106) > 451-1994-II - ARTICLE II POLLUTION CONTROL (324.3101...324.21563) > 451-1994-II-1 - CHAPTER 1 POINT SOURCE POLLUTION CONTROL (324.3101...324.6539) > 451-1994-II-1-SEWAGE-DISPOSAL-AND-WATERWORKS-SYSTEMS - PART SEWAGE DISPOSAL AND WATERWORKS SYSTEMS (324.4101...324.5419) > 451-1994-II-1-SEWAGE-DISPOSAL-AND-WATERWORKS-SYSTEMS-43 - PART 43 WATERWORKS SYSTEMS, SEWERS, AND DISPOSAL PLANTS (324.4301...324.4312) > Section 324.4304 - Mortgage bonds; manner of payment; sinking fund.

Section 324.4304 - Mortgage bonds; manner of payment; sinking fund.

NATURAL RESOURCES AND ENVIRONMENTAL PROTECTION ACT (EXCERPT)
Act 451 of 1994

324.4304 Mortgage bonds; manner of payment; sinking fund.

Sec. 4304.

Bonds that are issued and secured by a mortgage on the utility as provided in this part shall not be a general obligation of the local unit of government, but shall be paid only out of revenues received from the service charges as provided in section 4303 or from a sale of the property and franchises under a foreclosure of the mortgage. If a service rate is charged, a sufficient portion shall be set aside as a sinking fund for the payment of the interest on the bonds and the principal of the bonds at maturity.


History: 1994, Act 451, Eff. Mar. 30, 1995
Popular Name: Act 451
Popular Name: NREPA