Sec. 410.
The activities of the authority shall be financed from 1 or more of the following sources:
(a) Contributions to the authority for the performance of its functions.
(b) Revenues from any property, building, or facility owned, leased, licensed, or operated by the authority or under its control, subject to the limitations imposed upon the authority by trusts or other agreements.
(c) Tax increment revenues received pursuant to a tax increment financing plan established under sections 412 to 414.
(d) Proceeds of tax increment bonds issued pursuant to section 414.
(e) Proceeds of revenue bonds issued pursuant to section 411.
(f) Money obtained from any other legal source approved by the governing body of the municipality or otherwise authorized by law for use by the authority or the municipality to finance a development program.
(g) Money obtained pursuant to section 411a.
(h) Loans from the Michigan strategic fund or the Michigan economic development corporation.
History: 2018, Act 57, Eff. Jan. 1, 2019
Structure 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 125.4407 - 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 125.4412 - Tax Increment Financing Plan.
Section 125.4414 - Tax Increment Bonds; Qualified Refunding Obligation.
Section 125.4415 - Development Plan Generally.
Section 125.4418 - Relocation of Person; Notice to Vacate.
Section 125.4420 - Dissolution of Authority; Resolution; Disposition of Property and Assets.