Michigan · statute · 13 of 1966, Mich. Comp. Laws · 11 active provisions
The state may borrow money and issue its refunding bonds for the purpose of refunding the following outstanding bonds issued by the Mackinac bridge authority, and agency and instrumentality of this state created by Act No. 21 of the Public Acts of the Extra Session of 1950, being sections 254.301 to 254.304 of the Comp…
The refunding bonds shall be issued in an amount sufficient to pay the costs of refunding of said outstanding bonds, which costs of refunding shall be deemed to include (a) the principal amount of the bonds to be refunded, (b) the amount of premium required to be paid for the redemption of the bonds to be refunded, (c)…
The state highway commission, hereinafter sometimes referred to as the commission, may provide by resolution for the issuance and sale of the refunding bonds and for the retirement thereof, and for any other matters in connection with the refunding bonds not inconsistent with the provisions of this act. The resolution…
Refunding bonds issued under this act shall be deemed to be negotiable instruments under the laws of the state, and the principal of and interest on the bonds is not subject to taxation by the state or any taxing authority therein.
The refunding bonds shall be executed for and on behalf of the state by the state treasurer and the secretary of state or their respective deputies. The right of a deputy to so act shall not be limited by any other statute specifying the circumstances under which he may act for his principal. Interest coupons may be ex…
In the issuance and sale of the refunding bonds, it shall not be necessary to secure the approval of any board, commission or agency of the state except as provided in this act.
The refunding bonds shall be sold at public sale upon such terms and conditions as shall be determined by the commission with the approval of the state administrative board. The proceeds from the sale of the bonds shall be made available for the redemption of the bonds to be refunded thereby, but in the meantime may be…
The commission may do all things necessary in connection with the issuance and sale of the refunding bonds and the retirement of the bonds to be refunded thereby, except to the extent that the retirement powers are now vested in the Mackinac bridge authority, and in that respect the authority shall do all things necess…
The commission from time to time shall establish and fix tolls, fees, rents and charges for the use of the bridge and its services and facilities, the proceeds of collection thereof to be used: first, for expenses of operation and maintenance of the bridge, second, for the replenishment of the reserve fund provided for…
At such time as the refunding bonds authorized by this act are retired in full, the Mackinac bridge shall be operated by the state highway department as a part of the state highway system and all expenses in connection with the operation and maintenance of the bridge shall be paid in the same manner as similar expenses…
All employees of the Mackinac bridge authority shall be given the opportunity to transfer to the commission and be given credit for time employed by the authority and the employees now employed by the Mackinac bridge authority shall be employed in the operation of the bridge.