Sec. 28.
The state covenants with the purchasers and all subsequent holders and transferees of notes and bonds issued by the authority, in consideration of the acceptance of and payment for the notes and bonds, that the notes and bonds of the authority issued pursuant to this act and the income from notes and bonds and all its fees, charges, gifts, grants, revenues, receipts, and other money received or to be received, pledged to pay or secure the payment of the notes or bonds shall be free and exempt from all state, city, county, or other taxation provided by the laws of the state, except for estate and gift taxes and taxes on transfers.
History: 1982, Act 220, Imd. Eff. July 10, 1982
Structure Michigan Compiled Laws
Act 220 of 1982 - Michigan Family Farm Development Act (285.251 - 285.279)
Section 285.251 - Short Title.
Section 285.252 - Definitions; Rules.
Section 285.255 - Powers of Authority Generally.
Section 285.256 - Annual Report.
Section 285.257 - Use of Surplus Money.
Section 285.258 - Combining Program With Other State or Federal Programs.
Section 285.261 - Loans to Mortgage Lenders; Requirements and Conditions.
Section 285.264 - Bonds and Notes; Authorization; Requirements; Sale.
Section 285.265 - Resolution Authorizing Notes or Bonds; Provisions.
Section 285.267 - Personal Liability on Note or Bond of Authority.
Section 285.268 - Purchase and Cancellation of Notes or Bonds by Authority; Price.
Section 285.269 - Nonliability of State on Notes or Bonds of Authority; Statement.
Section 285.270 - Capital Reserve Funds.
Section 285.271 - General Reserve Fund.
Section 285.272 - Pledge and Agreement of State With Holders of Notes or Bonds.
Section 285.273 - Default by Authority; Appointment and Powers of Trustee; Notice by Trustee.
Section 285.275 - Notes and Bonds of Authority as Securities; Investment.
Section 285.276 - Recommending Issuance of Faith and Credit Bonds to Legislature.