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2006 Michigan Compiled Laws - Act 530 of 2004


HISTORICAL NEIGHBORHOOD TAX INCREMENT FINANCE AUTHORITY ACT

Act 530 of 2004

AN ACT to provide for the establishment of a historical neighborhood tax increment finance authority; to prescribe the powers and duties of the authority; to correct and prevent deterioration in neighborhoods and certain other areas; to authorize the acquisition and disposal of interests in real and personal property; to authorize the creation and implementation of development plans and development areas; to promote residential and economic growth; to create a board; to prescribe the powers and duties of the board; to authorize the issuance of bonds and other evidences of indebtedness; to authorize the use of tax increment financing; to prescribe powers and duties of certain state officials; to provide for rule promulgation; and to provide for enforcement of the act.


History: 2004, Act 530, Imd. Eff. Jan. 3, 2005




The People of the State of Michigan enact:

DocumentDescription
Section 125.2841Short title.
Section 125.2842Definitions.
Section 125.2843Additional definitions.
Section 125.2844Authority; establishment of multiple authority; powers of authority as body corporate.
Section 125.2845Intent to create and provide for operation of authority; resolution; notice of public hearing; adoption of ordinance; alteration or amendment of boundaries.
Section 125.2846Annexed or consolidated authority; effect on obligations, agreements, and bonds.
Section 125.2847Board; supervision and control; membership; appointment; vacancy; compensation; oath; meetings; removal of member; expense items, financial records, and writings open to public.
Section 125.2848Director; compensation; eligibility; service; oath; bond; duties; employment of treasurer, secretary, legal counsel, and other personnel.
Section 125.2849Employees; participation in retirement and insurance programs.
Section 125.2850Board; authority and powers.
Section 125.2851Authority as instrumentality of political subdivision.
Section 125.2852Acquisition of private property; transfer.
Section 125.2853Funding sources; disposition of money received.
Section 125.2854Borrowing money and issuing bonds.
Section 125.2855Revenue bonds; issuance.
Section 125.2856Bonds and notes; pledge; lien; enforcement; exemption from taxation; liability; investment.
Section 125.2857Tax increment financing plan.
Section 125.2858Tax increment revenues; transmission from municipal and county treasurers to authority; expenditures; report.
Section 125.2859General obligation bonds; tax increment revenue bonds; issuance; limitations; additional security; resolution; lien.
Section 125.2860Development plan; contents.
Section 125.2861Development plan; public hearing; notice; record.
Section 125.2862Approval or rejection of plan based on public purpose; considerations.
Section 125.2863Notice to vacate; issuance; hearing.
Section 125.2864Budget.
Section 125.2865Dissolution.
Section 125.2866Enforcement of act; rules.

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