Michigan Compiled Laws
451-1994-III-2-4-THE-TIMBER-INDUSTRY-505 - Part 505 Michigan Forest Finance Authority (324.50501...324.50522)
Section 324.50520 - Property and Income of Authority; Exemption From Taxes and Special Assessments; Bonds or Notes Exempt From Taxation.

Sec. 50520.
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 political subdivision of the state. 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.
History: Add. 1995, Act 57, Imd. Eff. May 24, 1995 Popular Name: Act 451Popular Name: NREPA

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 324 - Natural Resources and Environmental Protection

Act 451 of 1994 - Natural Resources and Environmental Protection Act (324.101 - 324.90106)

Article III - Natural Resources Management (324.30101...324.83109)

451-1994-III-2 - Chapter 2 Management of Renewable Resources (324.40101...324.53519)

451-1994-III-2-4 - Subchapter 4 Forests (324.50101...324.53519)

451-1994-III-2-4-THE-TIMBER-INDUSTRY - The Timber Industry (324.50101...324.50707)

451-1994-III-2-4-THE-TIMBER-INDUSTRY-505 - Part 505 Michigan Forest Finance Authority (324.50501...324.50522)

Section 324.50501 - Purpose of Part.

Section 324.50502 - Definitions.

Section 324.50503 - Michigan Forest Finance Authority; Creation; Exercise of Powers, Duties, and Functions; Handling of Funds.

Section 324.50504 - Board of Directors; Appointment; Terms; Oath; Vacancy; Persons Subject to MCL 15.321 to 15.330; Discharge of Duties; Policies and Procedures; Conducting Business at Public Meetings; Notice; Quorum; Actions of Board; Representative...

Section 324.50505 - Election of Chairperson and Vice-Chairperson; State Forester as Executive Director; Qualifications, Duties, and Compensation of Employees; Delegation of Powers or Duties; Rights and Interests of Authority; Annual Report; Audits; R...

Section 324.50506 - Powers of Board.

Section 324.50507 - Financing Forest Management Operations and Practices; Application of Funds; Interim Procedure; Annual List of Activities and Practices; Projection of Probable Default; Contracts for Cutting and Sale of Timber; Forest Development F...

Section 324.50508 - Department as Agent for Authority; Conveyance of State's Interest in Contracts Granting Timber Cutting Rights; Deposit of Money Received; Conveyance of Title to Timber.

Section 324.50509 - Bonds and Notes Generally; Expenses; Expenditures.

Section 324.50510 - Bonds or Notes; Purposes; Payment; Requirements; Signature of Board Member or Office of Authority; Sale of Bonds or Notes; Applicability of Other Laws; Interest Rate Agreement.

Section 324.50511 - Refunding Bonds or Notes.

Section 324.50512 - Security to Assure Timely Payment of Bond or Note.

Section 324.50513 - Bonds or Notes; Authority of Board Member, Executive Director, or Other Officer of Authority.

Section 324.50514 - Resolution Authorizing Bonds or Notes; Provisions.

Section 324.50515 - Pledge.

Section 324.50516 - Personal Liability on Bonds or Notes.

Section 324.50517 - Purchasing, Holding, Canceling, or Reselling Bonds or Notes.

Section 324.50518 - Rights and Remedies.

Section 324.50519 - Bonds or Notes as Legal Investments; Security.

Section 324.50520 - Property and Income of Authority; Exemption From Taxes and Special Assessments; Bonds or Notes Exempt From Taxation.

Section 324.50521 - Liberal Construction; Broad Interpretation.

Section 324.50522 - Rules.