Sec. 71504.
Bonds issued under part 713 shall be fully negotiable under the uniform commercial code, Act No. 174 of the Public Acts of 1962, being sections 440.1101 to 440.11102 of the Michigan Compiled Laws. The bonds and the interest on the bonds shall be exempt from all taxation by the state or any political subdivision of the state.
History: Add. 1995, Act 58, Imd. Eff. May 24, 1995 Popular Name: Act 451Popular Name: NREPA
Structure 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-4 - Chapter 4 Recreation (324.70101...324.83109)
451-1994-III-4-1 - Subchapter 1 Recreation (324.70101...324.73302)
451-1994-III-4-1-ADMINISTRATION - Administration (324.70101...324.71607)
Section 324.71501 - Definitions.
Section 324.71502 - Legislative Finding and Declaration.
Section 324.71503 - Bonds; Requirements Generally.
Section 324.71504 - Bonds Negotiable; Tax Exemption.
Section 324.71505 - Bonds as Securities.
Section 324.71506 - Recreation Bond Fund; Creation; Composition; Restricted Subaccounts.
Section 324.71508 - Use of Fund Generally.
Section 324.71511 - Application for Grant or Loan; Form; Information.