Sec. 22.
This 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 under this act and the income from the notes and bonds and all its fees, charges, grants, revenues, receipts, and other money received or to be received, pledged to pay or secure the payment of the notes or bonds shall at all times be free and exempt from all state, city, county, or other taxation provided by the laws of this state, except for estate and gift taxes and taxes on transfers.
History: 2002, Act 49, Imd. Eff. Mar. 14, 2002 Compiler's Notes: For transfer of powers and duties of Michigan broadband development authority from department of treasury to department of labor and economic growth by Type I transfer, see E.R.O. No. 2003-1, compiled at MCL 445.2011.
Structure Michigan Compiled Laws
Chapter 484 - Telephone, Telegraph, and Radio
Act 49 of 2002 - Michigan Broadband Development Authority Act (484.3201 - 484.3225)
Section 484.3201 - Short Title.
Section 484.3202 - Legislative Findings.
Section 484.3203 - Definitions.
Section 484.3204 - Michigan Broadband Development Authority; Creation; Duties.
Section 484.3207 - Powers of Authority.
Section 484.3210 - Notes and Bonds; Issuance, Renewal, and Refund by Authority.
Section 484.3211 - Notes and Bonds; Issuance by Resolution; Form and Terms; Sale; Prices.
Section 484.3212 - Notes or Bonds; Contents of Resolutions.
Section 484.3213 - Money or Property Pledged and Received by Authority.
Section 484.3214 - Notes or Bonds; Personal Liability.
Section 484.3215 - Notes or Bonds; Power of Authority to Purchase.
Section 484.3217 - Notes or Bonds as Limited Obligations.
Section 484.3219 - Disposition of Money Held by Authority.
Section 484.3220 - Notes and Bonds as Securities; Investment.
Section 484.3221 - Full Faith and Credit Bonds; Issuance; Vote.
Section 484.3222 - Notes and Bonds; Exemption From Tax.
Section 484.3223 - Property; Exemption From Tax.
Section 484.3224 - Annual Report.
Section 484.3225 - New Partnerships or Joint Ventures; Limitation.