Obligations assumed under this act shall not be or become a charge against this state, nor become a lien on or secured by any property, real, personal or mixed, of the state or the board of control, but all obligations, including principal and interest, shall be payable solely from all of the following:
  (a) The net rents and income obtained from the operation of residence halls and housing units, pledged or otherwise.

Terms Used In Michigan Laws 390.824

  • Lien: A claim against real or personal property in satisfaction of a debt.
  • 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
  (b) Fees charged students for the use of or maintenance of social centers, health residences and facilities, and structures designed for the fostering of athletics, dramatics, music, and other similar activities provided for them under this act.
  (c) Gifts and bequests made to the board of control of Ferris state university for the express purpose of financing, partially or completely, the purchase or construction at the university of residence halls, housing units, social centers for students and faculty members, health residences and facilities, and structures designed for the fostering of athletics, dramatics, music, and other similar activities, or for retiring outstanding indebtedness as created under this act.
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