Sec. 15. Whenever in order to carry out the purposes of this act it becomes necessary to acquire property which cannot be wholly paid for out of any funds which may be available to the commission under the provisions of section 24, the commission is authorized and empowered to issue notes, bonds or other evidences of indebtedness which shall be a lien upon the property to be acquired for such purposes, which lien may be secured by a mortgage, trust deed, or other form of indenture, and is also authorized and empowered to, in the name of the port district, guarantee the payment in whole or in part of any and all such notes, bonds or other evidences of indebtedness according to the terms thereof, or of any mortgage, trust deed or other security issued in connection therewith.
Mich. Comp. Laws § 120.15
Port district public improvement; issue of evidence of indebtedness
Applied in 1 court decision — leading case Wyandotte Electric Supply Co. v. Electrical Technology Systems, Inc. (2016)
Most recently applied in Wyandotte Electric Supply Co. v. Electrical Technology Systems, Inc. (May 2016)
1925, Act 234, Eff
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.