PocketLaw | Michigan Compiled Laws | Part 4 Local Development Finance

Part 4 Local Development Finance Authorities (125.4401...125.4420)

Authority; Establishment by Municipality; Establishment by Next Michigan Development Corporation; Limitation; Powers.

Section
125.4404

Resolution of Intent to Create and Provide for Operation of Authority; Notice of Public Hearing; Hearing; Resolution Exempting Taxes From Capture; Action of Library Board or Commission; 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; Procedures to Be Followed by Next Michigan Development Corporation.

Section
125.4405

Board; Appointment, Qualification, and Terms of Members; Vacancy; Reimbursement for Expenses; Chairperson; Oath of Office; Rules; Procedure; Meetings; Removal of Member; Publicizing Expense Items; Financial Records Open to Public; Subsections (1) and (5) Inapplicable to Certain Authority.

Section
125.4406

Director; Employment; Compensation; 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
125.4407

Powers of Board Generally.

Section
125.4408

Authority as Instrumentality of Political Subdivision.

Section
125.4409

Taking, Transfer, and Use of Private Property.

Section
125.4410

Financing Activities of Authority.

Section
125.4411

Revenue Bonds.

Section
125.4411a

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
125.4411b

Retention and Payment of Taxes Levied Under State Education Tax Act; Conditions; Application by Authority for Approval; Information to Be Included; Approval, Modification, or Denial of Application by Department of Treasury; Appropriation and Distribution of Amount; Calculation of Aggregate Amount; Lien; Reimbursement Calculations; Legislative Intent.

Section
125.4412

Tax Increment Financing Plan.

Section
125.4412a

Designation as Certified Technology Park; Application to Michigan Economic Development Corporation; Agreement; Determination of Sale Price or Rental Value for Public Facilities; Inclusion of Legal and Equitable Remedies and Rights; Marketing Services; Additional Certified Technology Parks; Priority to Certain Applications; Duties of State.

Section
125.4412b

Creation of Authority in Which Certified Technology Park Designated; Agreement With Another Authority; Designation of Distinct Geographic Area; Consideration of Advantages and Benefits; Capture of Amounts Levied by State and Local and Intermediate School Districts; Application for Approval of Distinct Geographic Area; Competitive Application Process; Requirements.

Section
125.4412c

Designation as Certified Alternative Energy Park; Application; Criteria; Agreement; Determination of Sale Price or Rental Value for Public Facilities; Inclusion of Legal and Equitable Remedies and Rights; Limitations; Pledge to Support Authority's Tax Increment Bonds; Ownership and Operation by Economic Development Corporation.

Section
125.4412d

Conveyance or Lease of Public Facilities at Less Than Fair Market Value or Below Market Rates.

Section
125.4412e

Notice of Designation of Next Michigan Development Area; Marketing of Authority District by Michigan Economic Development Corporation; Pledge to Support Tax Increment Bonds.

Section
125.4413

Tax Increment Revenues Transmitted to Authority; Expenditure of Tax Increment Revenues; Retention or Reversion of Excess Revenue; Prohibition; Abolition of Tax Increment Financing Plan.

Section
125.4414

Tax Increment Bonds; Qualified Refunding Obligation.

Section
125.4415

Development Plan Generally.

Section
125.4416

Adoption of Resolution Approving Development Plan or Tax Increment Financing Plan; Public Hearing; Notice; Record.

Section
125.4417

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
125.4418

Relocation of Person; Notice to Vacate.

Section
125.4419

Preparation and Submission of Budget; Manner; Approval; Cost of Handling and Auditing Funds.

Section
125.4420

Part 4 Local Development Finance Authorities (125.4401...125.4420)

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