2012 Michigan Compiled Laws
Chapter 141 — MUNICIPAL FINANCING
Act 227 of 1985 — SHARED CREDIT RATING ACT (141.1051 - 141.1078)***** 141.1057.amended THIS AMENDED SECTION IS EFFECTIVE MARCH 28, 2013 ***** ***** 141.1057 THIS SECTION IS AMENDED EFFECTIVE MARCH 28, 2013: See 141.1057.amended *****
Section 141.1072 — Property and income of authority; public property; public purpose; exemptions from taxes and special assessments.
SHARED CREDIT RATING ACT (EXCERPT)
Act 227 of 1985
141.1072 Property and income of authority; public property; public purpose; exemptions from taxes and special assessments.
Sec. 22.
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 subdivision of the state. Bonds or notes issued by the authority, and the interest on and income from those bonds and notes, is exempt from all taxation of the state or a subdivision of the state.
History: 1985, Act 227, Eff. Mar. 31, 1986
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