Sec. 415.
The state covenants with the purchasers and all subsequent holders and transferees of notes and corporation obligations issued pursuant to this act, in consideration of the acceptance of and payment for such notes and corporation obligations issued pursuant to this act and the income therefrom and all gifts, grants, revenues, receipts, and other money received or to be received, pledged to pay or secure the payment of such notes or corporation obligations shall be free and exempt from all state, city, county, or other taxation provided by the laws of this state, except for estate, inheritance and gift taxes, and taxes on transfers.
History: 1987, Act 230, Eff. Feb. 27, 1988
Structure Michigan Compiled Laws
Act 230 of 1987 - Municipal Health Facilities Corporations Act (331.1101 - 331.1507)
230-1987-4 - Chapter 4 (331.1401...331.1415)
Section 331.1402 - Corporation or Subsidiary Corporation; Additional Powers; Prohibited Conduct.
Section 331.1406 - Corporation Obligations Generally.
Section 331.1407 - Refunding Corporation Obligations.
Section 331.1409 - Lien of Pledge.
Section 331.1410 - Personal Liability on Notes or Corporation Obligations.
Section 331.1411 - Pledge and Agreement of State.
Section 331.1413 - Corporation Obligations as Negotiable Instruments Under Uniform Commercial Code.
Section 331.1414 - Notes and Corporation Obligations as Investment Securities.