Michigan Laws 141.1072 – Property and income of authority; public property; public purpose; exemptions from taxes and special assessments
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Terms Used In Michigan Laws 141.1072
- Authority: means the Michigan finance authority created by Executive Reorganization Order No. See Michigan Laws 141.1053
- Bonds: means bonds of the authority issued under this act with a maturity greater than 3 years. See Michigan Laws 141.1053
- Notes: means an obligation of the authority issued as provided in this act, including commercial paper, with a maturity of 3 years or less. See Michigan Laws 141.1053
Property of the authority is public property devoted to an essential public and governmental function and purpose. Income of the authority is considered to be for a public purpose. The property of the authority and its income and operation are exempt from all taxes and special assessments of the state or a subdivision of the state. Bonds or notes issued by the authority, and the interest on and income from those bonds and notes, is exempt from all taxation of the state or a subdivision of the state.