49-39 CONSUMERS POWER DISTRICT BORROWING AND INDEBTEDNESS
CONSUMERS POWER DISTRICT BORROWING AND INDEBTEDNESS
Authority to borrow--Funds available for repayment--Security for loan.
Pledging revenues as security for borrowing.
Resolution specifying particular revenues pledged.
Refunding of indebtedness--Issuance of refunding securities--Disposition of
Payment of pledged revenues into special fund--Use of revenues--Designation of
Sale of bonds.
Issuance of variable rate obligations--Authorization by resolution--Scope.
Enhancement of security for variable rate obligations--Credit agreements--Payment
Agreement with bondholders respecting charges for electricity.
Pledging revenues to secure federal indebtedness--State not liable.
Default on bonds--Operation of district by creditors--Priority of payment--Restoration of district to control.
Default on bonds--Court appointment of receiver--Authority of receiver to operate
district--Discharge of receiver and return of district to control.
Pledges of revenues and refunding securities--Validation--Retroactive application.