Michigan Compiled Laws
327-1945-VIA. - Chapter Via. Acquisition and Operation of Airports, Landing Fields, and Other Aeronautical Facilites by Public Airport Authorities (259.108...259.125c)
Section 259.124 - Bonds or Other Evidence of Indebtedness; Tax Exemption.

Sec. 124.
All bonds or other evidences of indebtedness issued by an authority under this chapter, and the interest thereon, are free and exempt from all taxation within the state, except for transfer and franchise taxes.
History: Add. 2002, Act 90, Imd. Eff. Mar. 26, 2002

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 259 - Aviation

Act 327 of 1945 - Aeronautics Code of the State of Michigan (259.1 - 259.208)

327-1945-VIA. - Chapter Via. Acquisition and Operation of Airports, Landing Fields, and Other Aeronautical Facilites by Public Airport Authorities (259.108...259.125c)

Section 259.108 - Short Title of Chapter.

Section 259.109 - Definitions.

Section 259.110 - Public Airport Authority; Political Subdivision and Instrument of Local Government; Public Agency; Airport Manager; Qualified Airport; Powers of Authority; Incorporation of Authority; Presumption of Validity; Court Jurisdiction; Sta...

Section 259.111 - Public Airport Authority; Board; Membership; Appointment; Terms; Qualifications; Violation of Subsection 5(b); Chief Executive Officer; Chief Financial Officer; Duties.

Section 259.112 - Full Term Appointments; Terms; Expiration Date; Resignation; Vacancy; Removal; Oath of Office.

Section 259.113 - First Meeting of Board; Compliance With Open Meetings Act; Delegation of Power; Reimbursement of Expenses; Action by Resolution or Ordinance; Voting.

Section 259.114 - Meetings; Frequency; Special Meeting; System of Accounts; Reports; Bond; Audit Committee; Appointment; Meetings; Duty to Recommend 3 Independent Certified Public Accounting Firms; Selection; Contract Terms and Conditions; Appointmen...

Section 259.115 - Preparation of Annual Budget.

Section 259.116 - Authority as Public Body Corporate; Powers; Personal Liability; Transfer of Operational Jurisdiction; Indemnification for Local Government With Civil Claim; Imposition of Fees or Charges; Airport Revenues, Facilities, or Assets as S...

Section 259.117 - Actions, Commitments, and Proceedings Occurring on Approval Date; Exclusive Rights and Authority; Acquisitions or Transfers.

Section 259.118 - Operational Jurisdiction Over Airport; Transfer to Authority; Effect.

Section 259.119 - Election by Employees to Transfer to Authority; Requirements.

Section 259.120 - Sources of Revenue.

Section 259.121 - Other Publicly Owned Airports; Transfer of Operational Jurisdiction.

Section 259.122 - Issuance of Bonds by Authority.

Section 259.123 - Borrowing Money and Issuing Municipal Securities.

Section 259.124 - Bonds or Other Evidence of Indebtedness; Tax Exemption.

Section 259.125 - Legislative Body of Local Government; Actions.

Section 259.125a - Interest Rate Exchange or Agreement.

Section 259.125b - Contract Between Authority and Bond Holder; Provisions.

Section 259.125c - Severability.