125.4702 Definitions; A to M. Sec. 702. As used in this part: (a) “Advance” means a transfer of funds made by a municipality to an authority or to another person on behalf of the authority in anticipation of repayment by the authority. Evidence of the intent to repay an advance may include, but is not […]
125.4703 Definitions; O to W. Sec. 703. As used in this part: (a) “Operations” means office maintenance, including salaries and expenses of employees, office supplies, consultation fees, design costs, and other expenses incurred in the daily management of the authority and planning of its activities. (b) “Parcel” means an identifiable unit of land that is […]
125.4704 Establishment of multiple authorities; powers. Sec. 704. (1) Except as otherwise provided in this subsection, a municipality may establish multiple authorities. A parcel of property shall not be included in more than 1 authority created under this part. (2) An authority is a public body corporate that may sue and be sued in any […]
125.4705 Intent to create and provide for operation of authority within water resource improvement district; resolution of intent; notice of public hearing; adoption of ordinance; filing; publication; alteration or amendment of boundaries; agreement with adjoining municipality. Sec. 705. (1) If the governing body of a municipality determines that it is necessary for the best interests […]
125.4706 Annexation or consolidation. Sec. 706. If a development area is part of an area annexed to or consolidated with another municipality, the authority managing that development area shall become an authority of the annexing or consolidated municipality. Obligations of that authority incurred under a development or tax increment plan, agreements related to a development […]
125.4707 Board; membership; qualifications; terms; appointment to fill vacancy; compensation; oath of office; proceedings and rules subject to open meetings act; meetings; removal of board member; publication of expense items; availability of financial records; writings subject to freedom of information act. Sec. 707. (1) An authority shall be under the supervision and control of a […]
125.4708 Director; compensation; service; oath; bond; duties; acting director; treasurer; secretary; legal counsel; duties; other personnel. Sec. 708. (1) The board may employ and fix the compensation of a director, subject to the approval of the governing body of the municipality. The director shall serve at the pleasure of the board. A member of the […]
125.4709 Participation of employees in municipal retirement and insurance programs; employees not civil service employees. Sec. 709. The employees of an authority shall be eligible to participate in municipal retirement and insurance programs of the municipality as if they were civil service employees except that the employees of an authority are not civil service employees. […]
125.4710 Board; powers; duties; preparation of water resource management plan; consultation with certain entities; application for state and federal permits. Sec. 710. (1) The board may do any of the following: (a) Prepare an analysis of water resource improvement and access to inland lakes issues taking place in the development area. (b) Study and analyze […]
125.4711 Authority as instrumentality of political subdivision. Sec. 711. The authority is an instrumentality of a political subdivision for purposes of 1972 PA 227, MCL 213.321 to 213.332. History: 2018, Act 57, Eff. Jan. 1, 2019
125.4712 Financing sources; disposition of money received. Sec. 712. (1) The activities of the authority shall be financed from 1 or more of the following sources: (a) Donations to the authority for the performance of its functions. (b) Money borrowed and to be repaid as authorized by sections 713 and 714. (c) Revenues from any […]
125.4713 Borrowing money and issuing bonds. Sec. 713. 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
125.4714 Borrowing money and issuing bonds or notes; security; pledge; lien; exemption of bonds or notes from taxation; municipality not liable on bonds and notes of authority; statement; investment; deposit. Sec. 714. (1) The authority may with approval of the local governing body borrow money and issue its revenue bonds or notes to finance all […]
125.4715 Tax increment financing plan; preparation and submission; development plan; statement of estimated impact; approval; notice, hearing, and disclosure provisions; modification; exempting taxes from capture; resolution; action of library board or commission. Sec. 715. (1) If the authority determines that it is necessary for the achievement of the purposes of this part, the authority shall […]
125.4716 Transmission of tax increment revenues to authority; expenditures; terms; reversion of unused funds; abolishment of plan; conditions. Sec. 716. (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 […]
125.4717 Authorization, issuance, and sale of tax increment bonds. Sec. 717. (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 tax increment financing plan. The tax increment bonds issued by the […]
125.4718 Development plan; contents. Sec. 718. (1) If a board decides to finance a project in a development area by the use of revenue bonds as authorized in section 713 or tax increment financing as authorized in sections 715, 716, and 717, it shall prepare a development plan. (2) The development plan shall contain all […]
125.4719 Development plan or tax increment financing plan; adoption of ordinance; notice of public hearing; purpose of public hearing. Sec. 719. (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 […]
125.4720 Determination of public purpose; approval or rejection of plan; modification; considerations. Sec. 720. The governing body after a public hearing on the development plan or the tax increment financing plan, or both, with notice given under section 819, shall determine whether the development plan or tax increment financing plan constitutes a public purpose. If […]
125.4721 Operation of authority; budget; review by board; submission to governing body; adoption; cost of handling and auditing funds. Sec. 721. (1) The director of the authority shall submit a budget to the board for the operation of the authority for each fiscal year before the beginning of the fiscal year. The budget shall be […]
