Michigan Laws 254.312 – Mackinac bridge authority; corporate existence, terms
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Terms Used In Michigan Laws 254.312
- Authority: means the Mackinac bridge authority created in 1950 (Ex Sess) PA 21, MCL 254. See Michigan Laws 254.311
- bonds: means all bonds authorized to be issued by this act. See Michigan Laws 254.311
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- state: means the state of Michigan. See Michigan Laws 254.311
The corporate existence of the authority shall continue until all of its liabilities have been met and the bonds, including refunding bonds, have been paid in full or otherwise discharged and when all such liabilities and bonds have been discharged in full, all rights and properties of the authority shall pass to and be vested in the state.