Sec. 712.
(1) The activities of the authority shall be financed from 1 or more of the following sources:
(a) Donations to the authority for the performance of its functions.
(b) Money borrowed and to be repaid as authorized by sections 713 and 714.
(c) Revenues from any property, building, or facility owned, leased, licensed, or operated by the authority or under its control, subject to the limitations imposed upon the authority by trusts or other agreements.
(d) Proceeds of a tax increment financing plan established under sections 715 to 717.
(e) Proceeds from a special assessment district created as provided by law.
(f) Money obtained from other sources approved by the governing body of the municipality or otherwise authorized by law for use by the authority or the municipality to finance a development program.
(2) Money received by the authority and not covered under subsection (1) shall immediately be deposited to the credit of the authority, subject to disbursement under this part. Except as provided in this part, the municipality shall not obligate itself, and shall not be obligated, to pay any sums from public funds, other than money received by the municipality under this section, for or on account of the activities of the authority.
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.