Section 125.4912 – Copy or Electronic Mail Link of Adopted Development Plan or Tax Increment Finance Plan.
125.4912 Copy or electronic mail link of adopted development plan or tax increment finance plan. Sec. 912. Within 90 days of the effective date of this act, each authority shall send a copy or an electronic mail link of its currently adopted development plan or its currently adopted tax increment finance plan, if separate from […]
Section 125.4915 – Enforcement of Act.
125.4915 Enforcement of act. Sec. 915. (1) The department of treasury may institute proceedings to compel enforcement of this act and shall send written notification to an authority that fails to comply with this act, to each taxing jurisdiction that has tax increment revenues captured by the authority, and to the governing body of the […]
Section 125.4812 – Borrowing Money and Issuing Negotiable Revenue Bonds.
125.4812 Borrowing money and issuing negotiable revenue bonds. Sec. 812. The authority may borrow money and issue its negotiable revenue bonds under the revenue bond act of 1933, 1933 PA 94, MCL 141.101 to 141.140. History: 2018, Act 57, Eff. Jan. 1, 2019
Section 125.4813 – Acquisition or Construction of Property; Borrowing Money and Issuing Revenue Bonds; Other Financing; Securing Bonds and Notes; Pledge; Exemption From Taxation; Exceptions; Liability; Investments.
125.4813 Acquisition or construction of property; borrowing money and issuing revenue bonds; other financing; securing bonds and notes; pledge; exemption from taxation; exceptions; liability; investments. Sec. 813. (1) The authority may with approval of the local governing body borrow money and issue its revenue bonds or notes to finance all or part of the costs […]
Section 125.4814 – Tax Increment Financing Plan; Preparation and Submission; Contents; Hearing and Approval Procedure; Agreement With Taxing Jurisdiction; Modification; Exemption From Tax; Separate Millage for Public Library Purposes; Resolution.
125.4814 Tax increment financing plan; preparation and submission; contents; hearing and approval procedure; agreement with taxing jurisdiction; modification; exemption from tax; separate millage for public library purposes; resolution. Sec. 814. (1) If the authority determines that it is necessary for the achievement of the purposes of this part, the authority shall prepare and submit a […]
Section 125.4815 – Tax Increment Revenues; Transmission to Authority; Expenditures.
125.4815 Tax increment revenues; transmission to authority; expenditures. Sec. 815. (1) The municipal and county treasurers shall transmit tax increment revenues to the authority. (2) The authority shall expend the tax increment revenues received for the development program only under the terms of the tax increment financing plan. Unused funds shall revert proportionately to the […]
Section 125.4816 – Authorization, Issuance, and Sale of Tax Increment Bonds; Limitations; Pledge; Resolution to Create Lien on Revenues; Limited Tax Pledge.
125.4816 Authorization, issuance, and sale of tax increment bonds; limitations; pledge; resolution to create lien on revenues; limited tax pledge. Sec. 816. (1) By resolution of its governing body, the authority may authorize, issue, and sell tax increment bonds subject to the limitations set forth in this subsection to finance the development program of the […]
Section 125.4817 – Development Plan; Contents.
125.4817 Development plan; contents. Sec. 817. (1) If a board decides to finance a project in a development area by the use of revenue bonds as authorized in section 812 or tax increment financing as authorized in sections 814, 815, and 816, it shall prepare a development plan. (2) The development plan shall contain all […]
Section 125.4818 – Development Plan; Public Hearing; Notice; Opportunity to Speak and Provide Written Comment.
125.4818 Development plan; public hearing; notice; opportunity to speak and provide written comment. Sec. 818. (1) The governing body, before adoption of an ordinance approving a development plan or tax increment financing plan, shall hold a public hearing on the development plan. Notice of the time and place of the hearing shall be given by […]
Section 125.4819 – Development Plan or Tax Increment Financing Plan as Public Purpose; Consideration for Approval, Rejection, or Modification.
125.4819 Development plan or tax increment financing plan as public purpose; consideration for approval, rejection, or modification. Sec. 819. The governing body after a public hearing on the development plan or the tax increment financing plan, or both, with notice given under section 818, shall determine whether the development plan or tax increment financing plan […]