Michigan Laws 125.1627 – Powers of public bodies
Current as of: 2023 | Check for updates
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(1) Any municipality and any agency or department thereof, or any other official public body, may do any of the following:
(a) Anything necessary or convenient to aid in the planning and execution of a project plan.
Terms Used In Michigan Laws 125.1627
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means a corporation organized pursuant to this act. See Michigan Laws 125.1603
- Municipality: means a county, city, village, or township. See Michigan Laws 125.1603
- Project: means land or an interest in land, existing or planned improvements, machinery, furnishings, or equipment suitable for use by any of the following:
(i) An industrial or commercial enterprise, including agricultural and forestry enterprises and enterprises designed to produce energy from renewable resources. See Michigan Laws 125.1603state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(b) Lend, grant, transfer, or contribute funds to the corporation in furtherance of its public purposes.
(c) Use any funds within its control, including funds derived from the sale or furnishing of property, service, or facilities to the corporation, in the purchase of bonds or other obligations of the corporation, and to exercise any rights connected with such bonds or other obligations of the corporation which it holds.
(d) Enter into agreements up to 50 years with the corporation regarding action it will take pursuant to the provisions of this section.
(e) Arrange for economic and business development on a consumer cooperative basis for the citizens to participate in the development of their own housing as an integral part of the commercial, industrial, and residential development under this act.
(f) Lend, grant, transfer, or convey funds received from the federal or state government or from any nongovernmental entity in aid of the purposes described in section 2, and the corporation may accept these funds.
(2) Any state agency or department may do any of the following:
(a) Lend cooperation and assistance to the municipality and its economic development corporation.
(b) Disburse funds to an economic development corporation in accordance with the terms and condition of any grant or transfer of funds from the federal government or its agencies or any nongovernmental entity.