Michigan Laws 124.763 – Property of authority as public property
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 124.763
- Authority: means a land bank fast track authority created under section 15, section 23(4), or section 23(5). See Michigan Laws 124.753
- Local unit of government: means a city, village, township, county, or any intergovernmental, metropolitan, or local department, agency, or authority, or other local political subdivision. See Michigan Laws 124.753
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
Property of an 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 and governmental purpose. The property of the authority and its income and operation are exempt from all taxes and special assessments of this state or a local unit of government of this 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 this state or a local unit of government.