Michigan Laws 324.21538 – Property and income of authority; bonds or notes as exempt from tax
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(1) Property of the authority is public property devoted to an essential public and governmental function and purpose. Income of the authority is for a public purpose.
(2) The property of the authority and its income and operation are exempt from all taxes and special assessments of the state or a political subdivision of the state.
Terms Used In Michigan Laws 324.21538
- Authority: means the underground storage tank authority created in section 21523. See Michigan Laws 324.21502
- Bonds or notes: means the bonds, notes, commercial paper, other obligations of indebtedness, or any combination of these, issued by the finance authority pursuant to this part. See Michigan Laws 324.21502
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(3) Bonds or notes issued by the authority, and the interest on and income from those bonds and notes, are exempt from all taxation of the state or a political subdivision of the state.