Sec. 22.
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.
History: 1985, Act 227, Eff. Mar. 31, 1986
Structure Michigan Compiled Laws
Chapter 141 - Municipal Financing
Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078)
Section 141.1051 - Legislative Findings and Declarations.
Section 141.1052 - Short Title.
Section 141.1053 - Definitions.
Section 141.1054 - Michigan Municipal Bond Authority; Created; Powers; Funds.
Section 141.1057 - Powers of Board Generally.
Section 141.1060 - Retirement, Funding, or Refunding of Notes.
Section 141.1061 - Bonds or Notes to Refund Bonds or Notes.
Section 141.1062 - Security Transactions; Authorization and Approval.
Section 141.1065a - Repealed. 1990, Act 281, Imd. Eff. Dec. 13, 1990.
Section 141.1066 - Reserve Funds.
Section 141.1066b - State Drinking Water Revolving Fund.
Section 141.1066c - School Loan Revolving Fund.
Section 141.1066d - Grant Agreements Entered Under MCL 324.5204a.
Section 141.1067 - Default or Noncompliance by Authority.
Section 141.1068 - Liability on Bonds or Notes.
Section 141.1069 - Purchasing, Holding, Canceling, or Reselling Bonds or Notes of Authority.
Section 141.1070 - State Pledge to and Agreement With Holders of Bonds or Notes.
Section 141.1073 - Municipal Obligations Generally.
Section 141.1075 - Construction of Act.
Section 141.1076 - Severability.
Section 141.1077 - Repealed. 2000, Act 416, Imd. Eff. Jan. 8, 2001.
Section 141.1078 - Repealed. 1996, Act 241, Imd. Eff. June 10, 1996.