Michigan SB0660 amends the Economic Development Corporations Act to reflect the elimination of the Michigan Strategic Fund.
Michigan SB0660 amends section 23 of the Economic Development Corporations Act to reflect the elimination of the Michigan Strategic Fund. The bill allows economic development corporations to borrow money and issue revenue bonds or notes for project costs, refunding obligations, or other authorized purposes. These bonds and notes are exempt from state taxation, except for inheritance and transfer taxes, and interest is exempt from all state taxation.
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