{"data":{"id":"us-mi/mich.-comp.-laws-324.4304","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 324.4304","heading":"Mortgage bonds; manner of payment; sinking fund.","body":"Sec. 4304.\n\nBonds that are issued and secured by a mortgage on the utility as provided in this part shall not be a general obligation of the local unit of government, but shall be paid only out of revenues received from the service charges as provided in section 4303 or from a sale of the property and franchises under a foreclosure of the mortgage. If a service rate is charged, a sufficient portion shall be set aside as a sinking fund for the payment of the interest on the bonds and the principal of the bonds at maturity.","path":["MI Code","Chapter 324","Act Act-451-of-1994"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-324-4304","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"99ff4f3f28e28db79a8d07ca5772bcb590f01b7a4045477573124226a988042a","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-324.4303","next":"us-mi/mich.-comp.-laws-324.4305"},"notice":"GroundRules: Original legal text. Not legal advice."}