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Michigan Legislature
Michigan Compiled Laws Complete Through PA 178 of 2019
House: Adjourned until Tuesday, January 28, 2020 1:30:00 PM
Senate: Adjourned until Tuesday, January 28, 2020 10:00:00 AM

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Act 99 of 1954
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Act 99 of 1954

AN ACT authorizing the international bridge authority of Michigan to construct, maintain, repair, and operate a bridge or tunnel project from the Upper Peninsula of Michigan to the province of Ontario, Canada, and to provide for the acquisition and operation of the existing ferry system and buses in connection with the project; to prescribe the powers and duties of the authority including, but not limited to, the power to acquire necessary real and personal property and to exercise the power of condemnation; to provide for financing the project by the issuance of revenue bonds of the authority payable solely from tolls and other revenues; to provide that no debt of the state shall be incurred in the exercise of any such powers; to provide for the collection of tolls and other revenues to pay the bonds, the interest on the bonds, and the cost of maintenance, repair, and operation of the project; to exempt from taxes and assessments the project and the bonds and the income from the bonds; to authorize the issuance of revenue refunding bonds; to prescribe the rights and remedies of the holders of bonds issued under this act; to make an appropriation; to provide for the state transportation department to assume the powers and duties of the authority upon retirement of the outstanding bonds including, but not limited to, the power to enter into interlocal agreements; and to repeal acts and parts of acts.

History: 1954, Act 99, Imd. Eff. Apr. 12, 1954 ;-- Am. 2000, Act 243, Imd. Eff. June 29, 2000

© 2020 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 254.221SectionInternational bridge authority; definitions.
Section 254.222SectionRevenue bonds; statement, expenses.
Section 254.223SectionInternational bridge authority; powers and duties; value of assets; efficiencies.
Section 254.223aSectionExpenditure from bridge revenues; purposes; payment.
Section 254.224SectionReal property; purchase and conveyance by city of Sault Ste. Marie; condemnation proceedings; title; removal of property.
Section 254.225SectionRevenue bonds; issuance, principal and interest payments, date, form, signatures, coupon or registered, sale, approval, proceeds, use; interim receipts or temporary bonds.
Section 254.226SectionRevenue bonds; secured by trust agreement, pledge, provisions, indemnifying bonds, expenses, approval.
Section 254.227SectionTolls; collection; contracts with public utilities; appropriation of revenue; supervision and regulation; sinking fund; pledge.
Section 254.228SectionTrust funds; depository acting as trustee.
Section 254.229SectionTrust agreement or resolution; enforcement.
Section 254.230SectionBonds; negotiable instruments.
Section 254.231SectionPurpose of project; taxation.
Section 254.232SectionBonds made securities.
Section 254.233SectionRevenue refunding bonds; purpose, regulation.
Section 254.234SectionVehicular traffic facilities; covenant with bondholders; limitations.
Section 254.235SectionAuthorization for action; project maintenance and operation, report to governor, failure to pay tolls, surveying.
Section 254.236SectionBonds; final payment; disposition of property; dissolution of authority; assumption of powers and responsibilities; use of property and funds; surveys and studies; availability of data.
Section 254.237SectionPowers; supplemental and additional.
Section 254.238SectionConstruction of act.
Section 254.239SectionRepealed. 2000, Act No. 243, Imd. Eff. June 29, 2000.
Section 254.240SectionRepeal.
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