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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.