Section 123.1357 – Appropriation of Funds; Purposes; Distribution to Municipalities; Distribution of Local Community Stabilization Share Revenue; Priority; Payments, Overpayments, and Underpayments; Insufficient Funds; Use of Revenue; Distribution; Amounts.
123.1357 Appropriation of funds; purposes; distribution to municipalities; distribution of local community stabilization share revenue; priority; payments, overpayments, and underpayments; insufficient funds; use of revenue; distribution; amounts. Sec. 17. (1) The legislature shall appropriate funds for all of the following purposes: (a) For fiscal year 2014-2015 and fiscal year 2015-2016, to the authority, an amount […]
Section 123.1358 – Distributions; Determination by Department; Submission of Information by Municipality; Availability; Municipality Review and Reporting.
123.1358 Distributions; determination by department; submission of information by municipality; availability; municipality review and reporting. Sec. 18. (1) Beginning in fiscal year 2015-2016, and each fiscal year thereafter, the department shall determine the amount of the distributions under this act, except for the payments under section 17(4)(a)(vii) and (viii) and section 17(4)(d)(ii). (2) Each municipality […]
Section 123.1359 – Bonds or Other Obligations; Issuance.
123.1359 Bonds or other obligations; issuance. Sec. 19. (1) A local unit of government may issue bonds or other obligations in anticipation of the distribution of local community stabilization share revenue under section 17(4)(a)(iv). (2) Bonds or other obligations issued under this section are subject to the revised municipal finance act, 2001 PA 34, MCL […]
Section 123.1360 – Repealed. 2016, Act 124, Eff. May 19, 2016.
123.1360 Repealed. 2016, Act 124, Eff. May 19, 2016. Compiler’s Notes: The repealed section pertained to loss replacement from certain exemptions.
Section 123.1361 – Debt Payment.
123.1361 Debt payment. Sec. 21. (1) If a municipality does not adjust its debt millage rate to reflect reimbursement for the small taxpayer exemption loss under section 17(1)(a), the reimbursement under section 17(1)(a) shall be reduced by the excess debt taxes levied. (2) A municipality shall use the amount received under section 17(4) for debt […]
Section 123.1362 – Construction of Act.
123.1362 Construction of act. Sec. 22. This act shall be construed to effectuate the legislative intent and the purposes of this act as complete and independent authorization for the performance of each and every act and thing authorized in the act, and all powers granted in this act shall be broadly interpreted to effectuate the […]
Section 123.1356 – Municipality That Is Intermediate School District; Duties of Department.
123.1356 Municipality that is intermediate school district; duties of department. Sec. 16. Not later than November 7, 2017, and each October 7 thereafter, for each municipality that is an intermediate school district, the department shall do all of the following: (a) Calculate the municipality’s personal property exemption loss. (b) Multiply the result of the calculation […]
Section 123.1356a – Municipality That Is Tax Increment Finance Authority; Calculation of Municipality’s Tax Increment Small Taxpayer Loss; Duties of Municipality; Report.
123.1356a Municipality that is tax increment finance authority; calculation of municipality’s tax increment small taxpayer loss; duties of municipality; report. Sec. 16a. (1) Not later than June 15, 2014 and June 15, 2015, each municipality that is a tax increment finance authority shall calculate and report to the department the municipality’s tax increment small taxpayer […]
Section 123.1356b – Calculation by Municipality That Is Tax Increment Finance Authority; Form and Manner; Extension of Calculation and Reporting Date; Exclusion.
123.1356b Calculation by municipality that is tax increment finance authority; form and manner; extension of calculation and reporting date; exclusion. Sec. 16b. (1) Each municipality that is a tax increment finance authority shall report to the department the calculation required under section 16a on a form and in a manner prescribed by the department. (2) […]
Section 123.1341 – Short Title.
123.1341 Short title. Sec. 1. This act shall be known and may be cited as the “local community stabilization authority act”. History: 2014, Act 86, Eff. Aug. 22, 2014 Compiler’s Notes: Enacting section 2 of Act 86 of 2014 provides:”Enacting section 2. This act does not take effect unless Senate Bill No. 822 of the […]