Michigan Laws 120.119 – Validation of bonds or notes; contesting validity
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 120.119
- Authority: means a port authority created under this act and may also include the area within the jurisdiction of an authority. See Michigan Laws 120.102
- Constituent unit: means a city or county requesting the incorporation of an authority. See Michigan Laws 120.102
- Contract: A legal written agreement that becomes binding when signed.
Bonds or notes issued under this act by an authority are validated. An authority acting under this act or any constituent unit, including the county, shall not contest the validity of bonds or notes issued under this act or any contract which provides the security therefor, after the bonds are sold and delivered and the authority has received the consideration therefor.