Sec. 607.
If a development area is part of an area annexed to or consolidated with another municipality, the authority managing that development area shall become an authority of the annexing or consolidated municipality. Obligations of that authority incurred under a development or tax increment plan, agreements related to a development or tax increment plan, and bonds issued under this part shall remain in effect following the annexation or consolidation.
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)
57-2018-6 - Part 6 Corridor Improvement Authorities (125.4602...125.4629)
Section 125.4602 - Definitions; a to M.
Section 125.4603 - Definitions.
Section 125.4604 - Multiple Authorities; Establishment; Public Body Corporate; Powers.
Section 125.4605 - Development Area; Establishment in Municipality; Exception; Criteria; Compliance.
Section 125.4607 - Annexation or Consolidation; Effect.
Section 125.4610 - Retirement and Insurance Programs.
Section 125.4611 - Board; Powers.
Section 125.4612 - Authority as Instrument of Political Subdivision.
Section 125.4613 - Acquisition of Private Property; Transfer to Authority; Use.
Section 125.4614 - Financing Sources; Disposition.
Section 125.4615 - Special Assessment; Levy; Borrowing Money and Issuing Notes.
Section 125.4616 - Revenue Bonds.
Section 125.4617 - Acquisition or Construction of Property; Financing; Bonds or Notes.
Section 125.4618 - Tax Increment Financing Plan.
Section 125.4619 - Tax Increment Revenues; Transmission; Expenditures; Use.
Section 125.4621 - Development Plan; Preparation; Contents.
Section 125.4623 - Approval, Rejection, or Approval With Modification; Considerations.
Section 125.4624 - Notice to Vacate.
Section 125.4626 - Preservation of Historical Sites.
Section 125.4627 - Dissolution.
Section 125.4629 - Tax Increment Revenues; Definition; Condition.