Michigan Compiled Laws
Act 639 of 1978 - Hertel-Law-T. Stopczynski Port Authority Act (120.101 - 120.130)
Section 120.122 - Tax Exemption.

Sec. 22.
(1) An authority created under this act shall be exempt from and shall not be required to pay taxes on property, both real and personal, belonging to the authority, which is used exclusively for a public purpose. However, the exemption shall not apply to property belonging to an authority while a private enterprise is a lessee of the property under a written lease. The bonds, notes, or other evidences of indebtedness, or their transfer, issued by an authority as authorized in this act, the interest thereon, the income derived, and the profit from a sale, shall be exempt from taxation, other than inheritance and estate taxes, within this state.
(2) This section constitutes a covenant and agreement with the holders of bonds, notes, or other evidences of indebtedness issued by an authority.
History: 1978, Act 639, Imd. Eff. Jan. 11, 1979 Compiler's Notes: See Compiler's note to MCL 120.130.

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 120 - Port Districts

Act 639 of 1978 - Hertel-Law-T. Stopczynski Port Authority Act (120.101 - 120.130)

Section 120.101 - Short Title.

Section 120.102 - Definitions.

Section 120.103 - Port Authority; Exercise of Powers and Duties; Jurisdiction.

Section 120.104 - Port Authority; Incorporation; Recommendations; Articles of Incorporation; Body Corporate and Politic; Public Purpose.

Section 120.105 - Port Authority; Appointment and Terms of Members; Vacancy; Reappointment; Chairperson, Vice-Chairperson, and Secretary-Treasurer; Quorum; Voting; Expenses; Liability.

Section 120.106 - Bond of Secretary-Treasurer.

Section 120.107 - Advisory Committees and Councils.

Section 120.108 - Port Authority; Powers Generally.

Section 120.109 - Port Authority; Additional Powers.

Section 120.110 - Port Authority; Additional Powers.

Section 120.111 - Port Authority; Liability.

Section 120.112 - Acquisition of Property by Purchase, Lease, or Condemnation; Sale or Removal of Structures; Sale or Lease of Property.

Section 120.113 - Contracts for Acquisition, Improvement, Enlargement, or Extension of Port Facilities; Payment of Cost; Pledge of Full Faith and Credit; Tax Levy; Methods of Raising Funds; Assessment of Costs.

Section 120.114 - Revenue Bonds; Applicability of Revenue Bond Act; Revenue Bonds Payable Solely From Revenues or Income.

Section 120.114a - Violation of MCL 168.1 to 168.992 Applicable to Petitions; Penalties.

Section 120.115 - Revenue Bonds; Form; Date; Denomination; Place of Payment; Redemption; Validity of Signature or Facsimile; Issuance in Coupon or Registered Form; Registration, Reconversion, and Interchange of Bonds.

Section 120.116 - Revenue Bonds; Trust Agreement.

Section 120.117 - Bonds as Securities; Investment; Deposit.

Section 120.118 - Additional Bonds for Acquisition of Port Facilities; Authorization; Resolution; Issuance and Execution of Bonds; Seal; Negotiable Instruments; Maturities; Payment; Tax Exemption; Issuance of Bonds or Notes Subject to Revised Municip...

Section 120.119 - Validation of Bonds or Notes; Contesting Validity.

Section 120.120 - Contract for Use of Port Facilities; Increase in Charges; Duration of Contract.

Section 120.121 - Dock, Waterfront, or Riparian Property; Transfer, Possession, or Control.

Section 120.122 - Tax Exemption.

Section 120.123 - Plan for Future Development, Construction, and Improvement of Port and Facilities; Notice; Comments; Hearing; Adoption; Modification, Amendment, or Extension; Plans for Specific Projects.

Section 120.124 - Operating Budget.

Section 120.125 - Surplus of Unencumbered Funds; Disposition.

Section 120.126 - Entry on Lands, Waters, and Premises; Purpose; Reimbursement for Actual Damages.

Section 120.127 - Employees of Port Authority; Transfer and Payment of Sick Leave and Annual Leave; Salary Rate; Job Seniority and Pension Rights.

Section 120.128 - Annual Report; Audit.

Section 120.129 - Liberal Construction; Powers Cumulative.

Section 120.130 - Repeal of MCL 120.1 to 120.35; Effective Date of Subsection (1).