Sec. 721.
(1) The director of the authority shall submit a budget to the board for the operation of the authority for each fiscal year before the beginning of the fiscal year. The budget shall be prepared in the manner and contain the information required of municipal departments. After review by the board, the budget shall be submitted to the governing body. The governing body must approve the budget before the board may adopt the budget. Unless authorized by the governing body or this part, funds of the municipality shall not be included in the budget of the authority.
(2) The governing body of the municipality may assess a reasonable pro rata share of the funds for the cost of handling and auditing the funds against the funds of the authority, other than those committed, which shall be paid annually by the board pursuant to an appropriate item in its budget.
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.
Section 125.4718 - Development Plan; Contents.
Section 125.4721 - Operation of Authority; Budget; Review by Board; Submission to Governing Body; Adoption; Cost of Handling and Auditing Funds.