Section 12.286 - Tax exemption(1) The property of the authority and its income and operations under this act are exempt from taxation by this state and any political subdivision of this state.(2) If the authority intends the interest on bonds it issues to be exempt from federal income tax, the authority shall prescribe restrictions on the use of the proceeds of those bonds and related matters as necessary to assure the exemption. The recipients of proceeds of those bonds are bound to the extent the restrictions are made to apply to them. The authority and the director may severally execute agreements as to bonds the authority issues, including without limitation intergovernmental agreements or other agreements providing for collecting and remitting funds.Added by 2011, Act 267,s 16, eff. 12/19/2011.