Sec. 419.
(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
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.