Sec. 706.
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)
57-2018-7 - Part 7 Water Resource Improvement Authorities (125.4702...125.4722)
Section 125.4702 - Definitions; a to M.
Section 125.4703 - Definitions; O to W.
Section 125.4704 - Establishment of Multiple Authorities; Powers.
Section 125.4706 - Annexation or Consolidation.
Section 125.4711 - Authority as Instrumentality of Political Subdivision.
Section 125.4712 - Financing Sources; Disposition of Money Received.
Section 125.4713 - Borrowing Money and Issuing Bonds.
Section 125.4717 - Authorization, Issuance, and Sale of Tax Increment Bonds.