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Michigan Compiled Laws Complete Through PA 255 of 2017

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Act 61 of 2007
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Act 61 of 2007

AN ACT to provide for the establishment of a neighborhood improvement 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: 2007, Act 61, Imd. Eff. Sept. 19, 2007

© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 125.2911SectionShort title.
Section 125.2912SectionDefinitions; A to M.
Section 125.2913SectionDefinitions; O to T.
Section 125.2914SectionMultiple authorities; establishment; authority as public body corporate.
Section 125.2915SectionOperation of authority; resolution of intent; public hearing; notice; adoption of ordinance establishing authority; filing; alteration or amendment of boundaries; exclusions; duration.
Section 125.2916SectionAnnexation or consolidation with another municipality.
Section 125.2917SectionBoard; chief officer; membership; appointment terms; vacancy; oath; open meetings; removal of member; financial records; writings subject to freedom of information act.
Section 125.2918SectionDirector; compensation; service; eligibility; oath; posting of bond; director as chief executive officer; duties of director; acting director; treasurer; secretary; retention of legal counsel; other personnel.
Section 125.2919SectionMunicipal retirement and insurance programs; participation.
Section 125.2920SectionAuthority of board.
Section 125.2921SectionFinancing sources; disposition of money received.
Section 125.2922SectionBorrowing money and issuing negotiable revenue bonds.
Section 125.2923SectionAcquisition or construction of property; borrowing money and issuing revenue bonds; other financing; securing bonds and notes; pledge; exemption from taxation; exceptions; liability; investments.
Section 125.2924SectionTax increment financing plan; preparation and submission; contents; hearing and approval procedure; agreement with taxing jurisdiction; modification; exemption from tax; separate millage for public library purposes; resolution.
Section 125.2925SectionTax increment revenues; transmission to authority; expenditures; report on status of tax increment financing account.
Section 125.2926SectionAuthorization, issuance, and sale of tax increment bonds; limitations; pledge; resolution to create lien on revenues; limited tax pledge.
Section 125.2927SectionDevelopment plan; contents.
Section 125.2928SectionDevelopment plan; public hearing; notice; opportunity to speak and provide written comment.
Section 125.2929SectionDevelopment plan or tax increment financing plan as public purpose; consideration for approval, rejection, or modification.
Section 125.2930SectionBudget; submission; approval; cost of handling and auditing funds.
Section 125.2931SectionDissolution of authority; property and assets.
Section 125.2932SectionEnforcement; rules.
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