Michigan Compiled Laws
57-2018-3 - Part 3 Tax Increment Finance Authorities (125.4301...125.4329)
Section 125.4325 - Budget; Cost of Handling and Auditing Funds.

Sec. 325.
(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. 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.
(2) The governing body 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 for designated purposes, 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

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)

57-2018-3 - Part 3 Tax Increment Finance Authorities (125.4301...125.4329)

Section 125.4301 - Definitions.

Section 125.4301a - Short Title of Part.

Section 125.4302 - Authority; Establishment; Public Body Corporate; Powers Generally.

Section 125.4303 - Resolution of Intent to Create and Provide Operation of Authority; Determinations; Notice of Public Hearing; Adoption, Filing, and Publication of Resolution Establishing Authority and Designating Boundaries of Authority District; A...

Section 125.4304 - Board; Composition; Chairperson; Oath of Member; Rules Governing Procedure and Meetings; Meetings Open to Public; Removal of Member; Publicizing Expense Items; Financial Records Open to Public.

Section 125.4305 - Board; Employment, Compensation, Term, Oath, and Bond of Director; Chief Executive Office; Duties of Director; Absence or Disability of Director; Reports; Employment, Compensation, and Duties of Treasurer and Secretary; Retention a...

Section 125.4307 - Board; Powers Generally.

Section 125.4308 - Board Serving as Planning Commission; Agenda.

Section 125.4309 - Authority as Instrumentality of Political Subdivision.

Section 125.4310 - Taking, Transfer, and Use of Private Property by Municipality.

Section 125.4311 - Financing Activities of Authority; Sources.

Section 125.4312 - Borrowing Money; Issuing Negotiable Revenue Bonds; Full Faith and Credit.

Section 125.4312a - Insufficient Tax Increment Revenues for Repayment of Advance or Payment of Obligation; Appropriation and Distribution to Authority; Filing, Time, and Contents of Claim; Distribution of Amounts in 2 Equal Payments; Appropriation an...

Section 125.4312b - 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 125.4313 - Preparation and Submission of Tax Increment Financing Plan; Contents and Approval of Plan; Public Hearing; Taxing Jurisdictions.

Section 125.4314 - Transmitting and Expending Tax Increment Revenues; Disposition of Surplus Funds; Abolition of Tax Increment Financing Plan.

Section 125.4315 - Tax Increment Bonds; Qualified Refunding Obligation.

Section 125.4316 - Development Plan; Preparation; Contents.

Section 125.4317 - Public Hearing on Development Plan; Publication, Mailing, and Contents of Notice; Presentation of Data; Record.

Section 125.4318 - Development Plan or Tax Increment Plan as Public Purpose; Determination; Approval or Rejection of Plan; Notice and Hearing; Conclusiveness of Procedure, Adequacy of Notice, and Certain Findings; Validation and Conclusiveness of Pla...

Section 125.4319 - Notice to Vacate.

Section 125.4320 - Development Area Citizens Council; Establishment; Advisory Body; Appointment and Qualifications of Members.

Section 125.4321 - Consultation Representative of Authority and Council.

Section 125.4322 - Meetings of Council; Open to Public; Notice; Hearing Persons Present at Meeting; Record; Information and Technical Assistance; Failures Not Precluding Adoption of Development Plan.

Section 125.4323 - Development or Tax Increment Financing Plan; Notice of Findings and Recommendations.

Section 125.4324 - Development Area Citizens Council; Dissolution.

Section 125.4325 - Budget; Cost of Handling and Auditing Funds.

Section 125.4326 - Preservation of Public Facility, Building, or Structure Having Significant Historical Interest; Review of Proposed Changes to Exterior of Historic Site.

Section 125.4327 - Dissolution of Authority; Resolution; Disposition of Property and Assets.

Section 125.4328 - Authority District Part of Area Annexed to or Consolidated With Another Municipality; Authority of Annexing or Consolidated Municipality; Effect of Obligations, Agreements, and Bonds.

Section 125.4329 - New Authority or Authority District and Boundaries of Authority District; Prohibitions; Validity of Tax Increment Finance Authority, Authority District, Development Area, Development Plan, or Tax Increment Financing Plan Establishe...