THE LOCAL DEVELOPMENT FINANCING ACT (EXCERPT)
Act 281 of 1986
125.2170 Dissolution of authority; resolution; disposition of property and assets.
An authority that completes the purposes for which it was organized shall be dissolved by resolution of the governing body. The property and assets of the authority remaining after the satisfaction of the obligations of the authority shall belong to the municipality or to an agency or instrumentality designated by resolution of the municipality.
History: 1986, Act 281, Eff. Feb. 1, 1987
© 2017 Legislative Council, State of Michigan