Michigan Compiled Laws
57-2018-4 - Part 4 Local Development Finance Authorities (125.4401...125.4420)
Section 125.4420 - Dissolution of Authority; Resolution; Disposition of Property and Assets.

Sec. 420.
An authority that completes the purposes for which it was organized shall be dissolved by resolution of the governing body. The property and assets of the authority remaining after the satisfaction of the obligations of the authority shall belong to the municipality or to an agency or instrumentality designated by resolution of the municipality.
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.