Michigan Compiled Laws
Act 173 of 1992 - Land Reclamation and Improvement Authority Act (125.2451 - 125.2488)
Section 125.2484 - Use of Money Earned, Received, or Charged Under Certain Conditions.

Sec. 34.
Interest earned from the investment of money collected under a special assessment under this act, of money received as bond proceeds from a bond issued under section 32, or of money from interest or penalties charged and collected on an unpaid special assessment under this act shall only be used for the following:
(a) To pay for the improvement for which the special assessment is assessed.
(b) To pay the principal and interest of bonds that are issued for the improvement for which the special assessment is assessed.
(c) To pay the principal and interest of an advance from the authority that is used for the improvement for which the special assessment is assessed.
History: 1992, Act 173, Imd. Eff. July 21, 1992

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 125 - Planning, Housing, and Zoning

Act 173 of 1992 - Land Reclamation and Improvement Authority Act (125.2451 - 125.2488)

Section 125.2451 - Short Title; Meaning of Words and Phrases.

Section 125.2452 - Definitions; A, B.

Section 125.2453 - Definitions; D to S.

Section 125.2454 - Land Reclamation and Improvement Authority; Establishment; Petition Requirements.

Section 125.2455 - Petition; Determination of Compliance With Requirements; Public Hearing; Notice; Determination and Certification of Record Owners.

Section 125.2456 - Authority; Establishment; Requirements for Approval; Mailing, Form, and Contents of Statement of Approval or Disapproval.

Section 125.2457 - Documents; Filing; Recording; Issuance of Certificate; Filing Date.

Section 125.2458 - Authority Board; Supervision and Control; Duties of County Board of Commissioners and Township Board; Appointment of Members; Terms of Office.

Section 125.2459 - Authority Board; Term of Office; Appointment or Election of Successors; Conduct of Election; List of Record Owners; Votes Cast by Record Owners.

Section 125.2460 - Authority Board; Qualifications of Members; Certificate; Oath of Office.

Section 125.2461 - Authority Board; Removal of Member.

Section 125.2462 - Authority Board; Vacancy.

Section 125.2463 - Authority Board; Quorum; Annual Meeting; Special Meeting; Compliance With Open Meetings Act; Writings.

Section 125.2464 - Authority Board; Election of Chairperson, Treasurer, Secretary, and Other Officers; Duties; Compensation; Expenses; Personal Liability.

Section 125.2465 - Authority Board; Appointment of Director, Assistant Director, Assistant Treasurer, and Assistant Secretary; Duties; Bond; Legal Counsel; Employees; Compensation.

Section 125.2466 - Authority Board; Powers; Establishment and Maintenance of Office.

Section 125.2467 - Financing Activities of Authority.

Section 125.2468 - Authority Board; Making and Financing Improvements; Conditions for Improving Roads; Petition Objecting to Improvement; Filing; Petition Supporting Improvement; Additional Copies; Validity of Signatures.

Section 125.2469 - Authority Board; Plans and Estimate for Improvement; Filing; Availability for Public Examination; Resolution of Intent to Make Improvement; Designating Special Assessment District; Notice; Hearing; Supplemental Petition; Actual Inc...

Section 125.2470 - Notice of Hearings in Special Assessment Proceedings; Effect of Failure to Give Notice.

Section 125.2471 - Authority Board; Proceeding With Improvement; Approval or Determination; Special Assessment Roll; Limitations on Total Amount Assessed.

Section 125.2472 - Special Assessment Roll; Filing; Notice; Hearing; Objections; Confirmation or Annulment; Endorsement; Notice of Special Assessment; Contents; Filing Petition to Contest Assessment With State Tax Tribunal; Full Disclosure of Informa...

Section 125.2473 - Special Assessment; Payment; Installments; Amount; Due Date; Interest; Future Due Installments; Delinquent Payments; Penalty.

Section 125.2474 - Special Assessment as Lien.

Section 125.2475 - Special Assessment; Collection; Warrant; Entering on Tax Roll.

Section 125.2476 - Special Assessment; Certification of Delinquency; Reassessment on Annual Township Tax Roll.

Section 125.2477 - Special Assessment; Payment by Township or County to Authority Board.

Section 125.2478 - Special Assessment; Apportionment of Uncollected Amounts on Divisions of Land; Notice of Hearing.

Section 125.2479 - Special Assessment; Insufficient or Surplus Amount Collected.

Section 125.2480 - Invalid Special Assessment; Effect; Proceeding for Reassessment and Collection.

Section 125.2481 - Resolution of Public or Private Corporation to Pay Special Assessments.

Section 125.2482 - Authority Board; Bonds and Notes; Issuance; Amount.

Section 125.2483 - Obligations Assessed or Contracted for Pursuant to MCL 123.731 to 123.786 and MCL 280.1 to 280.630.

Section 125.2484 - Use of Money Earned, Received, or Charged Under Certain Conditions.

Section 125.2485 - Authority; Bonds and Notes; Issuance; Sale; Exemption From Certain Taxes; Investment.

Section 125.2486 - Authority; Powers and Limitations.

Section 125.2487 - Reimbursement of Expenses to County or Township.

Section 125.2488 - Transfer of Property Within Authority District.