Sec. 616.
The authority may, with approval of the local governing body, borrow money and issue its negotiable revenue bonds under the revenue bond act of 1933, 1933 PA 94, MCL 141.101 to 141.140. Revenue bonds issued by the authority are not a debt of the municipality unless the municipality by majority vote of the members of its governing body pledges its full faith and credit to support the authority's revenue bonds. Revenue bonds issued by the authority are never a debt of the state.
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.