Michigan Laws 124.552 – Financial obligation of authority
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Terms Used In Michigan Laws 124.552
- Authority: means a regional transit authority created under this act. See Michigan Laws 124.542
- City: means a city incorporated under the home rule city act, 1909 PA 279, MCL 117. See Michigan Laws 124.542
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Public transit region: means an area of this state consisting of a qualified region. See Michigan Laws 124.542
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) The revenue raised by an authority may be pledged, in whole or in part, for the repayment of bonded indebtedness and other expenditures issued or incurred by the authority.
(2) A financial obligation of an authority is a financial obligation of the authority only and not an obligation of this state or any city or county within a public transit region. A financial obligation of an authority shall not be transferred to this state or any city or county within a public transit region.