Michigan Compiled Laws
57-2018-2 - Part 2 Downtown Development Authorities (125.4201...125.4230)
Section 125.4228 - Budget; Cost of Handling and Auditing Funds.

Sec. 228.
(1) The director of the authority shall prepare and submit for the approval of the board a budget for the operation of the authority for the ensuing fiscal year. The budget shall be prepared in the manner and contain the information required of municipal departments. Before the budget may be adopted by the board, it shall be approved by the governing body of the municipality. Funds of the municipality shall not be included in the budget of the authority except those funds authorized in this part or by the governing body of the municipality.
(2) The governing body of the municipality may assess a reasonable pro rata share of the funds for the cost of handling and auditing the funds against the funds of the authority, other than those committed, which cost shall be paid annually by the board pursuant to an appropriate item in its budget.
History: 2018, Act 57, Eff. Jan. 1, 2019

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 125 - Planning, Housing, and Zoning

Act 57 of 2018 - Recodified Tax Increment Financing Act (125.4101 - 125.4915)

57-2018-2 - Part 2 Downtown Development Authorities (125.4201...125.4230)

Section 125.4201 - Definitions.

Section 125.4201a - Legislative Findings.

Section 125.4202 - Authority; Establishment; Restriction; Public Body Corporate; Powers Generally.

Section 125.4203 - Resolution of Intent to Create and Provide for Operation of Authority; Public Hearing on Proposed Ordinance Creating Authority and Designating Boundaries of Downtown District; Notice; Exemption of Taxes From Capture; Action by Libr...

Section 125.4203a - Authority of Annexing or Consolidated Municipality; Obligations, Agreements, and Bonds.

Section 125.4203b - Ratification and Validation of Ordinance and Actions; Compliance.

Section 125.4203c - Proceedings or Findings; Validity.

Section 125.4203d - Establishment or Amendment of Authority, District, or Plan; Notice; Publication or Posting.

Section 125.4204 - Board; Appointment, Terms, and Qualifications of Members; Vacancy; Compensation and Expenses; Election of Chairperson; Appointment as Public Official; Oath; Conducting Business at Public Meeting; Public Notice; Special Meetings; Re...

Section 125.4205 - Director; Acting Director; Treasurer; Secretary; Legal Counsel; Other Personnel.

Section 125.4206 - Participation of Employees in Municipal Retirement and Insurance Programs.

Section 125.4207 - Powers of Board; Creation, Operation, or Funding of Retail Business Incubator.

Section 125.4208 - Board Serving as Planning Commission; Agenda.

Section 125.4209 - Authority as Instrumentality of Political Subdivision.

Section 125.4210 - Taking, Transfer, and Use of Private Property.

Section 125.4211 - Financing Activities of Authority; Disposition of Money Received by Authority; Municipal Obligations.

Section 125.4212 - Ad Valorem Tax; Borrowing in Anticipation of Collection.

Section 125.4213 - Revenue Bonds.

Section 125.4213a - Borrowing Money; Issuing Revenue Bonds or Notes; Purpose; Costs; Security; Pledge and Lien of Pledge Valid and Binding; Filing or Recordation Not Required; Tax Exemption; Bonds or Notes Neither Liability nor Debt of Municipality;...

Section 125.4213b - Insufficient Tax Increment Revenues to Repay Advance or Pay Obligation; Contents, Time, and Payment of Claim; Appropriation and Distribution of Aggregate Amount; Limitations; Distribution Subject to Lien; Obligation as Debt or Lia...

Section 125.4213c - 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; Approp...

Section 125.4214 - Tax Increment Financing Plan; Preparation and Contents; Limitation; Public Hearing; Fiscal and Economic Implications; Recommendations; Agreements; Modification of Plan; Catalyst Development Project.

Section 125.4215 - Transmitting and Expending Tax Increments Revenues; Reversion of Surplus Funds; Abolishment of Tax Increment Financing Plan; Conditions.

Section 125.4216 - General Obligation Bonds and Tax Increment Bonds; Qualified Refunding Obligation.

Section 125.4217 - Development Plan; Preparation; Contents.

Section 125.4218 - Ordinance Approving or Amending Development Plan or Tax Increment Financing Plan; Public Hearing; Notice; Record.

Section 125.4219 - Development Plan or Tax Increment Financing Plan as Constituting Public Purpose; Determination; Ordinance; Considerations; Amendments; Incorporation of Catalyst Development Project Plan.

Section 125.4220 - Notice to Vacate.

Section 125.4221 - Development Area Citizens Council; Establishment; Appointment and Qualifications of Members; Representative of Development Area.

Section 125.4222 - Development Area Citizens Council; Advisory Body.

Section 125.4223 - Consultation.

Section 125.4224 - Development Area Citizens Council; Meetings; Notice; Record; Information and Technical Assistance; Failure to Organize, Consult, or Advise.

Section 125.4225 - Citizens District Council as Development Area Citizens Council.

Section 125.4226 - Notice of Findings and Recommendations.

Section 125.4227 - Development Area Citizens Council; Dissolution.

Section 125.4228 - Budget; Cost of Handling and Auditing Funds.

Section 125.4228a - Exemption.

Section 125.4229 - Historic Sites.

Section 125.4230 - Dissolution of Authority; Disposition of Property and Assets; Reinstatement of Authority; Contesting Validity of Proceedings, Findings, and Determinations.