There is a newer version of the Michigan Compiled Laws
2006 Michigan Compiled Laws - Act 338 of 1974
| AN ACT to provide for the creation of public economic development corporations; to prescribe their powers and duties; to provide for their dissolution; to provide for the issuance of notes and other evidence of indebtedness; to provide for the issuance of bonds; to validate bonds, notes, and other evidence of indebtedness; to provide for condemnation of property; to provide for the undertaking of projects relative to the economic development of municipalities; to provide for loans, grants, transfers, and conveyances of funds and property by municipalities, and disbursement of certain funds to public economic development corporations; to provide for the creation of subsidiary neighborhood development corporations by certain economic development corporations; to provide for the receipt by public economic development corporations of funds and property; to provide for industrial and commercial enterprises and for enterprises involved in housing or neighborhood improvement, and furnishings, equipment, and machinery for the industrial and commercial enterprises and housing; to validate the incorporation of de facto economic development corporations and all actions of the de facto corporations; and to provide savings provisions.
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| Document | Description |
| Section 125.1601 | Short title. |
| Section 125.1602 | Legislative finding. |
| Section 125.1603 | Definitions. |
| Section 125.1604 | Economic development corporation; incorporation; application; notice; hearing; approval; board of directors; appointment, qualifications, terms, and compensation of directors; public meetings; directors as public officers; vacancy; removal; disclosure of interest; planning commission of certain municipalities serving as board of directors. |
| Section 125.1605 | Approval of application to incorporate and articles of incorporation by resolution; incorporation pursuant to §§ 125.1628 to 125.1636. |
| Section 125.1606 | Organization of corporation at municipal and county levels; limitation. |
| Section 125.1606a | Subsidiary neighborhood development corporation; creation; powers; exemption from prevailing wage and fringe benefit rate requirements; disposition of surplus from sale of property; repayment of bonds or notes. |
| Section 125.1607 | Powers of corporation generally. |
| Section 125.1607a | Pledge by corporation; validity; lien; filing or recording instruments not required. |
| Section 125.1607b | Board of directors serving as planning commission; agenda. |
| Section 125.1608 | Designation of project area; certification of approval; preparation and approval of project plan; transfer of employment; contents of project plan; corporation as instrumentality of political subdivision; notice to vacate; corporation to operate project as lessor; issuance of obligations; project plans for agricultural and forestry enterprises. |
| Section 125.1609 | Project plan; findings and recommendations of local public agency; determinations; publication of general standards for project plans; local public agency recommendations concerning project plan not required. |
| Section 125.1610 | Project plan; submission of findings and recommendations; determination of public purpose; considerations. |
| Section 125.1611 | Amendments to project plan; compliance with local ordinances and resolutions. |
| Section 125.1612 | Establishment of project district area boundaries; project citizens district council; establishment; appointment and qualifications of members; council as representative of project area. |
| Section 125.1613 | Project citizens district council as advisory body. |
| Section 125.1614 | Consultation between representative of corporation and project citizens district council. |
| Section 125.1615 | Project citizens district council; meetings; notice; right of person to be heard; record of meeting; information and technical assistance; conditions to adoption of project plan. |
| Section 125.1616 | Existing citizens district council as authorized projects citizens district council. |
| Section 125.1617 | Public hearing before adoption of resolution approving project plan; notice; record of public hearing; availability of record to public. |
| Section 125.1618 | Finding and recommendations of project citizens district council; notice. |
| Section 125.1619 | Revision of boundaries of project district area. |
| Section 125.1620 | Situations not requiring project citizens district council; dissolution of council. |
| Section 125.1621 | Injunction, mandamus, or other appropriate remedy at law; equitable relief. |
| Section 125.1622 | Condemnation. |
| Section 125.1623 | Borrowing money and issuing revenue bonds or revenue notes; issuing refunding bonds; bonds or notes and interest exempt from taxation; exceptions; liability of municipality on notes or bonds; statement; investment in bonds and notes; deposit of bonds and notes; report; inspection of records and reports; publication and distribution of statement of revenues and expenditures. |
| Section 125.1624 | Disposition of net earnings and property upon dissolution of corporation. |
| Section 125.1625 | Exemption of corporation and instruments of conveyance from taxation. |
| Section 125.1626 | Repealed. 1976, Act 175, Imd. Eff. June 29, 1976. |
| Section 125.1627 | Powers of public bodies. |
| Section 125.1628 | Incorporation of economic development corporation; name of corporation. |
| Section 125.1629 | Articles of incorporation; approval by resolution; contents. |
| Section 125.1630 | Amendment of articles of incorporation. |
| Section 125.1631 | Articles of incorporation; execution; delivery; filing; publication; statement of right to question incorporation; certificate; effective date and validity of incorporation. |
| Section 125.1632 | Corporation as body corporate; powers. |
| Section 125.1632a | Personal liability of board members; insurance. |
| Section 125.1633 | Dissolution of corporation; referendum on continued existence of corporation. |
| Section 125.1634 | Corporations organized and incorporated pursuant to §§ 450.62 to 450.192; validation, force, and effect of prior actions. |
| Section 125.1634a | Corporation deemed validly incorporated; validity of action taken by corporation under act; validity and legality of evidences of indebtedness and related instruments. |
| Section 125.1635 | Liberal construction. |
| Section 125.1636 | Authority cumulative. |
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