Sec. 25.
Within 10 business days of the receipt of the funds from the local property tax collecting unit for the tax levied under this act, the authority shall transfer the funds, less the amount necessary to fund the payment of obligations incurred by the authority in accordance with this act, to the art institute services provider.
History: 2010, Act 296, Imd. Eff. Dec. 16, 2010
Structure Michigan Compiled Laws
Chapter 123 - Local Government
Act 296 of 2010 - Art Institute Authorities Act (123.1201 - 123.1229)
Section 123.1201 - Short Title.
Section 123.1203 - Definitions.
Section 123.1205 - Art Institute Authority; Formation; Public Corporate Body; Powers; Prohibitions.
Section 123.1211 - Powers of Authority.
Section 123.1215 - Approval of Tax; Preferences or Benefits for Residents.
Section 123.1219 - Election; Ballots; Conduct.
Section 123.1223 - Levy and Collection of Tax.
Section 123.1225 - Transfer of Funds to Art Institute Services Provider.
Section 123.1227 - Reimbursement of Election Costs to County or to Municipality.
Section 123.1229 - Audit; Financial Plan; Investment or Deposit of Funds.