THE LOCAL DEVELOPMENT FINANCING ACT (EXCERPT)
Act 281 of 1986
125.2169 Preparation and submission of budget; manner; approval; cost of handling and auditing funds.
(1) The director of the authority shall prepare and submit for the approval of the board a budget for the operation of the authority for the ensuing fiscal year. The budget shall be prepared in the manner and contain the information required of municipal departments. Before the budget may be adopted by the board, it shall be approved by the governing body. Funds of the municipality shall not be included in the budget of the authority except those funds authorized in this act or by the governing body.
(2) The governing body may assess a reasonable pro rata share of the funds for the cost of handling and auditing the funds against the funds of the authority, other than those committed for designated purposes, which cost shall be paid annually by the board pursuant to an appropriate item in its budget.
History: 1986, Act 281, Eff. Feb. 1, 1987
Am. 1991, Act 101, Imd. Eff. Aug. 21, 1991
Am. 1993, Act 333, Eff. Mar. 15, 1994
Am. 2008, Act 522, Imd. Eff. Jan. 13, 2009
© 2017 Legislative Council, State of Michigan