390.1159 Tax exemptions; bonds and interest coupons negotiable; registration of bonds.
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390.1159 Tax exemptions; bonds and interest coupons negotiable; registration of bonds.
Sec. 9.
(1)The authority shall not be required to pay taxes on property owned by the authority under this act or upon the income derived from the property. The bonds issued under this act, their transfer, and the income derived from the bonds, including a profit made on the sale of the bonds, shall be exempt from taxation by the state, a local unit of government or political subdivision, or other instrumentality of the state notwithstanding that the interest may be subject to federal income tax.
(2)Bonds issued under this act and the interest coupons, if any, attached to the bonds shall be fully negotiable and have all of the qualities incident to negotiable instruments under the uniform commercial code, Act No. 174 of the Public Acts of 1962, as amended, being sections 440.1101 to 440.11102 of the Michigan Compiled Laws, subject only to the provisions for registration of the bonds which may appear on the bonds.
History: 1975, Act 222, Eff. Oct. 1, 1975 ;-- Am. 1984, Act 259, Imd. Eff. Dec. 7, 1984 ;-- Am. 1987, Act 206, Eff. Jan. 1, 1988