Michigan Laws 125.4311 – Financing activities of authority; sources
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 125.4311
- Authority: means a tax increment finance authority created under this part. See Michigan Laws 125.4301
- Development program: means the implementation of the development plan. See Michigan Laws 125.4301
- Governing body: means the elected body of a municipality having legislative powers. See Michigan Laws 125.4301
- Municipality: means a city. See Michigan Laws 125.4301
- Tax increment financing plan: means that information and those requirements set forth in section 313 to 315. See Michigan Laws 125.4301
- Tax increment revenues: means the amount of ad valorem property taxes and specific local taxes attributable to the application of the levy of all taxing jurisdictions upon the captured assessed value of real and personal property in the development area, subject to the following requirements:
(i) Tax increment revenues include ad valorem property taxes and specific local taxes attributable to the application of the levy of all taxing jurisdictions other than the state pursuant to the state education tax act, 1993 PA 331, MCL 211. See Michigan Laws 125.4301
The activities of the authority shall be financed from 1 or more of the following sources:
(a) Contributions to the authority for the performance of its functions.
(b) Revenues from any property, building, or facility owned, leased, licensed, or operated by the authority or under its control, subject to the limitations imposed upon the authority by trusts or other agreements.
(c) Tax increment revenues received pursuant to a tax increment financing plan established under section 313 to 315.
(d) Proceeds of tax increment bonds issued pursuant to section 315.
(e) Proceeds of revenue bonds issued pursuant to section 312.
(f) Money obtained from any other sources approved by the governing body of the municipality or otherwise authorized by law for use by the authority or the municipality to finance a development program.
(g) Money obtained pursuant to section 312a.