(1) Subject to subsection (3), the joint endeavor may levy a tax of not more than 5 mills on all taxable property in the areas served by the joint endeavor for the purpose of providing revenue to the joint endeavor.

    (2) A proposal for a tax shall not be placed on the ballot unless the proposal is adopted by a resolution of the governing body of each local government participating in the joint endeavor.

    (3) If a joint endeavor levies a millage under this section, each year the joint endeavor shall, as necessary, decrease the number of mills the joint endeavor levies to ensure that, with respect to each participating local government in the joint endeavor, the number of mills levied by a participating local government plus the number of mills levied by the joint endeavor will not exceed the maximum number of mills that the participating local government is constitutionally and statutorily authorized to levy under each of the following:

    (a) Section 6 of article IX of the state constitution of 1963.

    (b) The property tax limitation act, 1933 PA 62, MCL 211.201 to 211.217a.

    (c) Section 14(1)(m) of 1966 PA 293, MCL 45.514.

    (d) Section 3(g) of the home rule city act, 1909 PA 279, MCL 117.3.

    (e) Section 27(2) of the charter township act, 1947 PA 359, MCL 42.27.

    (f) Section 26(1)(i) of the home rule village act, 1909 PA 278, MCL 78.26.

    (g) Section 1(2) of chapter IX of the general law village act, 1895 PA 3, MCL 69.1.

    (h) Any other applicable millage limit enacted after the effective date of this act.

    (4) If only a portion of a local government is located in the service area of a joint endeavor, as described in the contract for the joint endeavor, only those electors residing in that portion of the local government located in the service area of the joint endeavor are eligible to vote on the ballot proposal for a tax and that tax shall only be levied against the property within that service area.

    (5) The proposal for a tax under this act may be submitted to a vote of the electors served by the joint endeavor only at an even year general November election.

    (6) A ballot proposal for a tax shall comply with the requirements of section 24f of the general property tax act, 1893 PA 206, MCL 211.24f. In addition, the ballot shall state the manner in which the tax levy will result in any reduction of taxes levied by each local government participating in the joint endeavor.

    (7) The joint endeavor may levy a new tax or the increase of an existing tax only if a majority of the electors in each local government served by the joint endeavor voting on the tax approve the tax. The joint endeavor may levy the renewal of an existing tax only if a majority of the electors served by the joint endeavor voting on the renewal of the existing tax approve the tax.

    (8) A tax authorized to be levied by a joint endeavor under this act shall be levied and collected at the same time and in the same manner as provided by the general property tax act, 1893 PA 206, MCL 211.1 to 211.155.