2010 Michigan Compiled Laws
Chapter 125 - PLANNING, HOUSING, AND ZONING
Act 94 of 2008 - WATER RESOURCE IMPROVEMENT TAX INCREMENT FINANCE AUTHORITY ACT (125.1771 - 125.1794)

WATER RESOURCE IMPROVEMENT TAX INCREMENT FINANCE AUTHORITY ACT
Act 94 of 2008
AN ACT to provide for the establishment of a water improvement tax increment finance authority; to prescribe the powers and duties of the authority; to correct and prevent deterioration in water resources; 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 water resource improvement; 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: 2008, Act 94, Imd. Eff. Apr. 8, 2008

• Section 125.1771 - Short title.
• Section 125.1772 - Definitions; A to M.
• Section 125.1773 - Definitions; O to W.
• Section 125.1774 - Establishment of multiple authorities; powers.
• Section 125.1775 - 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.
• Section 125.1776 - Annexation or consolidation.
• Section 125.1777 - 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.
• Section 125.1778 - Director; compensation; service; oath; bond; duties; acting director; treasurer; secretary; legal counsel; duties; other personnel.
• Section 125.1779 - Participation of employees in municipal retirement and insurance programs; employees not civil service employees.
• Section 125.1780 - Board; powers; duties; preparation of water resource management plan; consultation with certain entities.
• Section 125.1781 - Authority as instrumentality of political subdivision.
• Section 125.1782 - Financing sources; disposition of money received.
• Section 125.1783 - Borrowing money and issuing bonds.
• Section 125.1784 - 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.
• Section 125.1785 - 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.
• Section 125.1786 - Transmission of tax increment revenues to authority; expenditures; terms; reversion of unused funds; abolishment of plan; conditions; status report on tax increment financing account.
• Section 125.1787 - Authorization, issuance, and sale of tax increment bonds.
• Section 125.1788 - Development plan; contents.
• Section 125.1789 - Development plan or tax increment financing plan; adoption of ordinance; notice of public hearing; purpose of public hearing.
• Section 125.1790 - Determination of public purpose; approval or rejection of plan; modifications; considerations.
• Section 125.1791 - Operation of authority; budget; review by board; submission to governing body; adoption; cost of handling and auditing funds.
• Section 125.1792 - Dissolution of authority.
• Section 125.1793 - Enforcement of act; rules.
• Section 125.1794 - Prohibition.