Statutes > Michigan Statutes > Chapter 254 - BRIDGES > Act 13 of 1966 - REFUNDING BONDS OF MACKINAC BRIDGE AUTHORITY; TRANSFER OF AUTHORITY TO STATE HIGHWAY DEPARTMENT (254.361 - 254.372) > Section 254.364 - Refunding bonds; negotiability and tax exemption.

Section 254.364 - Refunding bonds; negotiability and tax exemption.

REFUNDING BONDS OF MACKINAC BRIDGE AUTHORITY; TRANSFER OF AUTHORITY TO STATE HIGHWAY DEPARTMENT (EXCERPT)
Act 13 of 1966

254.364 Refunding bonds; negotiability and tax exemption.

Sec. 4.

Refunding bonds issued under this act shall be deemed to be negotiable instruments under the laws of the state, and the principal of and interest on the bonds is not subject to taxation by the state or any taxing authority therein.


History: 1966, Act 13, Imd. Eff. Apr. 6, 1966