2012 Michigan Compiled Laws
Chapter 125 — PLANNING, HOUSING, AND ZONING
Act 62 of 1963 — INDUSTRIAL DEVELOPMENT REVENUE BOND ACT OF 1963 (125.1251 - 125.1267)
Section 125.1257 — Default; receiver.

Sec. 7.

If there is any default in the payment of principal of or interest on any bond issued hereunder, any circuit court having jurisdiction of the action may appoint a receiver to administer the industrial building and site and any industrial machinery and equipment on behalf of the municipality, with power to charge and collect rents sufficient to provide for the payment of any bonds outstanding, and for the payment of operating expenses and to apply the income and revenue in conformity with this act and the resolution made hereunder.

History: 1963, Act 62, Imd. Eff. May 8, 1963 ;-- Am. 1966, Act 340, Imd. Eff. Sept. 21, 1966