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HISTORICAL NEIGHBORHOOD TAX INCREMENT FINANCE AUTHORITY ACT
Act 530 of 2004
AN ACT to provide for the establishment of a historical neighborhood tax increment finance authority; to prescribe the powers and duties of the authority; to correct and prevent deterioration in neighborhoods and certain other areas; to authorize the acquisition and disposal of interests in real and personal property; to authorize the creation and implementation of development plans and development areas; to promote residential and economic growth; to create a board; to prescribe the powers and duties of the board; to authorize the issuance of bonds and other evidences of indebtedness; to authorize the use of tax increment financing; to prescribe powers and duties of certain state officials; to provide for rule promulgation; and to provide for enforcement of the act.
History: 2004, Act 530, Imd. Eff. Jan. 3, 2005
© 2009 Legislative Council, State of Michigan
The People of the State of Michigan enact:
| Section 125.2841 | Section | Short title. |
| Section 125.2842 | Section | Definitions. |
| Section 125.2843 | Section | Additional definitions. |
| Section 125.2844 | Section | Authority; establishment of multiple authority; powers of authority as body corporate. |
| Section 125.2845 | Section | Intent to create and provide for operation of authority; resolution; notice of public hearing; adoption of ordinance; alteration or amendment of boundaries. |
| Section 125.2846 | Section | Annexed or consolidated authority; effect on obligations, agreements, and bonds. |
| Section 125.2847 | Section | Board; supervision and control; membership; appointment; vacancy; compensation; oath; meetings; removal of member; expense items, financial records, and writings open to public. |
| Section 125.2848 | Section | Director; compensation; eligibility; service; oath; bond; duties; employment of treasurer, secretary, legal counsel, and other personnel. |
| Section 125.2849 | Section | Employees; participation in retirement and insurance programs. |
| Section 125.2850 | Section | Board; authority and powers. |
| Section 125.2851 | Section | Authority as instrumentality of political subdivision. |
| Section 125.2852 | Section | Acquisition of private property; transfer. |
| Section 125.2853 | Section | Funding sources; disposition of money received. |
| Section 125.2854 | Section | Borrowing money and issuing bonds. |
| Section 125.2855 | Section | Revenue bonds; issuance. |
| Section 125.2856 | Section | Bonds and notes; pledge; lien; enforcement; exemption from taxation; liability; investment. |
| Section 125.2857 | Section | Tax increment financing plan. |
| Section 125.2858 | Section | Tax increment revenues; transmission from municipal and county treasurers to authority; expenditures; report. |
| Section 125.2859 | Section | General obligation bonds; tax increment revenue bonds; issuance; limitations; additional security; resolution; lien. |
| Section 125.2860 | Section | Development plan; contents. |
| Section 125.2861 | Section | Development plan; public hearing; notice; record. |
| Section 125.2862 | Section | Approval or rejection of plan based on public purpose; considerations. |
| Section 125.2863 | Section | Notice to vacate; issuance; hearing. |
| Section 125.2864 | Section | Budget. |
| Section 125.2865 | Section | Dissolution. |
| Section 125.2866 | Section | Enforcement of act; rules. |
