Michigan Compiled Laws
57-2018-8 - Part 8 Neighborhood Improvement Authorities (125.4802...125.4821)
Section 125.4806 - Annexation or Consolidation With Another Municipality.

Sec. 806.
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

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 125 - Planning, Housing, and Zoning

Act 57 of 2018 - Recodified Tax Increment Financing Act (125.4101 - 125.4915)

57-2018-8 - Part 8 Neighborhood Improvement Authorities (125.4802...125.4821)

Section 125.4802 - Definitions; a to M.

Section 125.4803 - Definitions; O to T.

Section 125.4804 - Multiple Authorities; Establishment; Authority as Public Body Corporate.

Section 125.4805 - Operation of Authority; Resolution of Intent; Public Hearing; Notice; Adoption of Ordinance Establishing Authority; Filing; Alteration or Amendment of Boundaries; Exclusions; Duration.

Section 125.4806 - Annexation or Consolidation With Another Municipality.

Section 125.4807 - Board; Chief Executive Officer; Membership; Appointment; Terms; Vacancy; Oath; Open Meetings; Removal of Member; Financial Records; Writings Subject to Freedom of Information Act.

Section 125.4808 - Director; Compensation; Service; Eligibility; Oath; Posting of Bond; Director as Chief Executive Officer; Duties of Director; Acting Director; Treasurer; Secretary; Retention of Legal Counsel; Other Personnel.

Section 125.4809 - Municipal Retirement and Insurance Programs; Participation.

Section 125.4810 - Powers of Board.

Section 125.4811 - Financing Sources; Disposition of Money Received.

Section 125.4812 - Borrowing Money and Issuing Negotiable Revenue Bonds.

Section 125.4813 - Acquisition or Construction of Property; Borrowing Money and Issuing Revenue Bonds; Other Financing; Securing Bonds and Notes; Pledge; Exemption From Taxation; Exceptions; Liability; Investments.

Section 125.4814 - Tax Increment Financing Plan; Preparation and Submission; Contents; Hearing and Approval Procedure; Agreement With Taxing Jurisdiction; Modification; Exemption From Tax; Separate Millage for Public Library Purposes; Resolution.

Section 125.4815 - Tax Increment Revenues; Transmission to Authority; Expenditures.

Section 125.4816 - Authorization, Issuance, and Sale of Tax Increment Bonds; Limitations; Pledge; Resolution to Create Lien on Revenues; Limited Tax Pledge.

Section 125.4817 - Development Plan; Contents.

Section 125.4818 - Development Plan; Public Hearing; Notice; Opportunity to Speak and Provide Written Comment.

Section 125.4819 - Development Plan or Tax Increment Financing Plan as Public Purpose; Consideration for Approval, Rejection, or Modification.

Section 125.4820 - Budget; Submission; Approval; Cost of Handling and Auditing Funds.

Section 125.4821 - Dissolution of Authority; Property and Assets.