There is a newer version of the Michigan Compiled Laws
2006 Michigan Compiled Laws - Act 281 of 1986
| AN ACT to encourage local development to prevent conditions of unemployment and promote economic growth; to provide for the establishment of local development finance authorities and to prescribe their powers and duties; to provide for the creation of a board to govern an authority and to prescribe its powers and duties; to provide for the creation and implementation of development plans; to authorize the acquisition and disposal of interests in real and personal property; to permit the issuance of bonds and other evidences of indebtedness by an authority; to prescribe powers and duties of certain public entities and state officers and agencies; to reimburse authorities for certain losses of tax increment revenues; and to authorize and permit the use of tax increment financing.
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| Document | Description |
| Section 125.2151 | Legislative findings; short title. |
| Section 125.2152 | Definitions. |
| Section 125.2153 | Authority; establishment; powers. |
| Section 125.2154 | Resolution of intent; notice of public hearing; hearing; resolution exempting taxes from capture; resolution establishing authority and designating boundaries; filing and publication; alteration or amendment of boundaries; validity of proceedings; establishment of authority by 2 or more municipalities. |
| Section 125.2155 | Board; appointment, qualification, and terms of members; vancancy; reimbursement for expenses; chairperson; oath of office; rules; procedure; meetings; removal of member; publicizing expense items; financial records open to public. |
| Section 125.2156 | Director, employment; compensation; term; oath of office; bond; chief executive officer; duties; acting director; appointment or employment, compensation, and duties of treasurer; appointment or employment, compensation, and duties of secretary; legal counsel; employment of other personnel; municipal retirement and insurance programs. |
| Section 125.2157 | Powers of board generally. |
| Section 125.2158 | Authority as instrumentality of political subdivision. |
| Section 125.2159 | Taking, transfer, and use of private property. |
| Section 125.2160 | Financing activities of authority. |
| Section 125.2161 | Revenue bonds. |
| Section 125.2161a | Insufficient tax increment revenues for repayment of advance or payment of obligation; appropriation; filing claim; information required in claim; distributions; determination of amounts; limitations; distribution subject to lien; indebtedness, liability, or obligation; certification of distribution amount; basis for calculation of distributions and claims reports; use of 12-month debt payment period. |
| Section 125.2162 | Tax increment financing plan generally. |
| Section 125.2162a | Designation as certified technology park; application to Michigan economic development corporation; agreement. |
| Section 125.2163 | Tax increment revenues transmitted to authority; expenditure of tax increment revenues; retention or reversion of excess revenue; prohibition; abolition of tax increment financing plan; annual financial report. |
| Section 125.2164 | Tax increment bonds; qualified refunding obligation. |
| Section 125.2165 | Development plan generally. |
| Section 125.2166 | Adoption of resolution approving development plan or tax increment financing plan; public hearing; notice; record. |
| Section 125.2167 | Development plan or tax increment financing plan as constituting public purpose; approval or rejection; considerations; amendments; procedure, notice, findings, and amendment as conclusive; contest. |
| Section 125.2168 | Relocation of person; notice to vacate. |
| Section 125.2169 | Budget; cost of handling and auditing funds; audit. |
| Section 125.2170 | Dissolution of authority; resolution; disposition of property and assets. |
| Section 125.2171 | Proceedings to enforce act. |
| Section 125.2172 | Effective date. |
| Section 125.2173 | Conditional effective date. |
| Section 125.2174 | Constitutionality of act. |
Disclaimer: These codes may not be the most recent version. Michigan may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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