Michigan Compiled Laws
57-2018-4 - Part 4 Local Development Finance Authorities (125.4401...125.4420)
Section 125.4408 - Authority as Instrumentality of Political Subdivision.

Sec. 408.
The authority shall be considered an instrumentality of a political subdivision for purposes of 1972 PA 227, MCL 213.321 to 213.332.
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)

57-2018-4 - Part 4 Local Development Finance Authorities (125.4401...125.4420)

Section 125.4401 - Legislative Findings; Short Title of Part.

Section 125.4402 - Definitions.

Section 125.4403 - Authority; Establishment by Municipality; Establishment by Next Michigan Development Corporation; Limitation; Powers.

Section 125.4404 - Resolution of Intent to Create and Provide for Operation of Authority; Notice of Public Hearing; Hearing; Resolution Exempting Taxes From Capture; Action of Library Board or Commission; Resolution Establishing Authority and Designa...

Section 125.4405 - Board; Appointment, Qualification, and Terms of Members; Vacancy; Reimbursement for Expenses; Chairperson; Oath of Office; Rules; Procedure; Meetings; Removal of Member; Publicizing Expense Items; Financial Records Open to Public;...

Section 125.4406 - Director; Employment; Compensation; Oath of Office; Bond; Chief Executive Officer; Duties; Acting Director; Appointment or Employment, Compensation, and Duties of Treasurer; Appointment or Employment, Compensation, and Duties of Se...

Section 125.4407 - Powers of Board Generally.

Section 125.4408 - Authority as Instrumentality of Political Subdivision.

Section 125.4409 - Taking, Transfer, and Use of Private Property.

Section 125.4410 - Financing Activities of Authority.

Section 125.4411 - Revenue Bonds.

Section 125.4411a - Insufficient Tax Increment Revenues for Repayment of Advance or Payment of Obligation; Appropriation; Filing Claim; Information Required in Claim; Distributions; Determination of Amounts; Limitations; Distribution Subject to Lien;...

Section 125.4411b - 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 125.4412 - Tax Increment Financing Plan.

Section 125.4412a - Designation as Certified Technology Park; Application to Michigan Economic Development Corporation; Agreement; Determination of Sale Price or Rental Value for Public Facilities; Inclusion of Legal and Equitable Remedies and Rights...

Section 125.4412b - Creation of Authority in Which Certified Technology Park Designated; Agreement With Another Authority; Designation of Distinct Geographic Area; Consideration of Advantages and Benefits; Capture of Amounts Levied by State and Local...

Section 125.4412c - Designation as Certified Alternative Energy Park; Application; Criteria; Agreement; Determination of Sale Price or Rental Value for Public Facilities; Inclusion of Legal and Equitable Remedies and Rights; Limitations; Pledge to Su...

Section 125.4412d - Conveyance or Lease of Public Facilities at Less Than Fair Market Value or Below Market Rates.

Section 125.4412e - Notice of Designation of Next Michigan Development Area; Marketing of Authority District by Michigan Economic Development Corporation; Pledge to Support Tax Increment Bonds.

Section 125.4413 - Tax Increment Revenues Transmitted to Authority; Expenditure of Tax Increment Revenues; Retention or Reversion of Excess Revenue; Prohibition; Abolition of Tax Increment Financing Plan.

Section 125.4414 - Tax Increment Bonds; Qualified Refunding Obligation.

Section 125.4415 - Development Plan Generally.

Section 125.4416 - Adoption of Resolution Approving Development Plan or Tax Increment Financing Plan; Public Hearing; Notice; Record.

Section 125.4417 - Development Plan or Tax Increment Financing Plan as Constituting Public Purpose; Approval or Rejection; Considerations; Amendments; Procedure, Notice, Findings, and Amendment as Conclusive; Contest.

Section 125.4418 - Relocation of Person; Notice to Vacate.

Section 125.4419 - Preparation and Submission of Budget; Manner; Approval; Cost of Handling and Auditing Funds.

Section 125.4420 - Dissolution of Authority; Resolution; Disposition of Property and Assets.