Michigan Compiled Laws
Act 381 of 1996 - Brownfield Redevelopment Financing Act (125.2651 - 125.2672)
Section 125.2669 - Dissolution of Authority; Distribution of Tax Revenues and Interest.

Sec. 19.
(1) An authority that completes the purposes for which it was organized shall be dissolved by resolution of the governing body. Except as provided in subsection (2), the property and assets of the authority remaining after the satisfaction of the obligations of the authority shall belong to the municipality or to an agency or instrumentality designated by resolution of the municipality.
(2) Tax increment revenues and the interest earned on tax increment revenues shall be distributed as provided under section 16(2).
History: 1996, Act 381, Eff. Sept. 16, 1996 ;-- Am. 2000, Act 145, Imd. Eff. June 6, 2000

<< Previous

Next >>

Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 125 - Planning, Housing, and Zoning

Act 381 of 1996 - Brownfield Redevelopment Financing Act (125.2651 - 125.2672)

Section 125.2651 - Short Title.

Section 125.2652 - Definitions.

Section 125.2653 - Brownfield Redevelopment Authority; Establishment; Exercise of Powers; Alteration or Amendment of Boundaries; Authority as Public Body Corporate; Written Agreement With County.

Section 125.2654 - Resolution by Governing Body; Adoption; Notice; Public Hearing; Proceedings Establishing Authority; Presumption of Validity; Exercise of Powers as Essential Governmental Function.

Section 125.2655 - Designation of Board by Governing Body; Membership; Trustees; Applicability of Subsection (2); Election of Chairperson, Vice-Chairperson, and Other Officers; Oath; Procedural Rules; Meetings; Special Meetings; Removal of Member; Re...

Section 125.2656 - Appointment or Employment of Director, Treasurer, Secretary, Personnel, and Consultants; Assistance Provided by Municipality; Retirement and Insurance Programs.