Michigan Laws 285.278 – Covenant by state with purchasers, holders, and transferees of notes and bonds concerning tax exemptions
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Terms Used In Michigan Laws 285.278
- Authority: means the Michigan family farm development authority established in section 3. See Michigan Laws 285.252
- Bonds: means bonds issued by the authority pursuant to this act. See Michigan Laws 285.252
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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
The 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 pursuant to this act and the income from notes and bonds and all its fees, charges, gifts, grants, revenues, receipts, and other money received or to be received, pledged to pay or secure the payment of the notes or bonds shall be free and exempt from all state, city, county, or other taxation provided by the laws of the state, except for estate and gift taxes and taxes on transfers.