{"data":{"id":"us-mi/mich.-comp.-laws-324.50157","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 324.50157","heading":"Resolution authorizing bonds; principal, interest, payment, and security; full faith and credit; trustees.","body":"Sec. 50157.\n\nThe bonds shall be payable and secured as set forth in the resolution authorizing the issuance. The resolution may provide that the principal of and interest on any bonds issued shall be payable and secured by 1 or more of the following:\n\nThe net revenues derived from a forest improvement project.\n\nAmounts derived from the disposition of projects and other property mortgaged or otherwise pledged as security for payment of the bonds.\n\nGifts or grants by any person.\n\nFederal funds.\n\nLoan repayments.\n\nAn assignment of a percentage of gross revenues received by the district.\n\nAny other source approved by the board.\n\nDistrict debt may also be secured by the full faith and credit of the district but shall not be general obligations of the state of Michigan. The resolution may also provide for the appointment of 1 or more trustees for bondholders. A trustee may be a person domiciled or located within or outside the state and may be given appropriate powers.","path":["MI Code","Chapter 324","Act Act-451-of-1994"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-324-50157","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"7c1bee9c36d761a024faaa7b9070b1e9eef166a8a706ed09d27f029d262e82b0","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-324.50156","next":"us-mi/mich.-comp.-laws-324.50158"},"notice":"GroundRules: Original legal text. Not legal advice."}