THE LOCAL DEVELOPMENT FINANCING ACT (EXCERPT)
Act 281 of 1986
125.2160 Financing activities of authority.
The activities of the authority shall be financed from 1 or more of the following sources:
(a) Contributions to the authority for the performance of its functions.
(b) 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.
(c) Tax increment revenues received pursuant to a tax increment financing plan established under sections 12 to 14.
(d) Proceeds of tax increment bonds issued pursuant to section 14.
(e) Proceeds of revenue bonds issued pursuant to section 11.
(f) Money obtained from any other legal source 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.
(g) Money obtained pursuant to section 11a.
(h) Loans from the Michigan strategic fund or the Michigan economic development corporation.
History: 1986, Act 281, Eff. Feb. 1, 1987
Am. 1993, Act 333, Eff. Mar. 15, 1994
Am. 2000, Act 248, Imd. Eff. June 29, 2000
© 2017 Legislative Council, State of Michigan