THE TAX INCREMENT FINANCE AUTHORITY ACT (EXCERPT)
Act 450 of 1980
***** 125.1811 THIS SECTION IS REPEALED BY ACT 57 OF 2018 EFFECTIVE JANUARY 1, 2019 *****
125.1811 Financing activities of authority; sources.
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 13 to 15.
(d) Proceeds of tax increment bonds issued pursuant to section 15.
(e) Proceeds of revenue bonds issued pursuant to section 12.
(f) Money obtained from any other sources 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 12a.
History: 1980, Act 450, Imd. Eff. Jan. 15, 1981
Am. 1993, Act 322, Eff. Mar. 15, 1994
Popular Name: TIFA
© 2017 Legislative Council, State of Michigan