2010 Michigan Compiled Laws
Chapter 125 - PLANNING, HOUSING, AND ZONING
Act 530 of 2004 - HISTORICAL NEIGHBORHOOD TAX INCREMENT FINANCE AUTHORITY ACT (125.2841 - 125.2866)

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

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