Michigan Laws 324.50520 – Property and income of authority; exemption from taxes and special assessments; bonds or notes exempt from taxation
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 324.50520
- Authority: means the Michigan forest finance authority created in section 50503. See Michigan Laws 324.50502
- Bonds: means bonds of the authority issued as provided in this part. See Michigan Laws 324.50502
- Notes: means notes of the authority issued as provided in this part, including commercial paper. See Michigan Laws 324.50502
- 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 the 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 purpose. The property of the authority and its income and operation are exempt from all taxes and special assessments of the state or a political subdivision of the 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 the state or a political subdivision of the state.