Michigan Laws 141.108 – Lien on revenue in favor of bondholders
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Terms Used In Michigan Laws 141.108
- Lien: A claim against real or personal property in satisfaction of a debt.
- Net revenues: means the revenues of a public improvement remaining after deducting the reasonable expenses of administration, operation, and maintenance of the public improvement. See Michigan Laws 141.103
- Ordinance: means an ordinance, resolution, or other appropriate legislative enactment of the governing body of a public corporation. See Michigan Laws 141.103
- Revenues: means the income derived from the rates charged for the services, facilities, and commodities furnished by a public improvement. See Michigan Laws 141.103
There shall be created in the authorizing ordinance a lien, by this act made a statutory lien, upon the net revenues pledged to the payment of the principal of and interest upon such bonds, to and in favor of the holders of such bonds and the interest coupons pertaining thereto, and each of such holders, which liens shall be a first lien upon such net revenues, except where there exists a prior lien or liens then such new lien shall be subject thereto.