Michigan Laws 125.4327 – Dissolution of authority; resolution; disposition of property and assets
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 125.4327
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means a tax increment finance authority created under this part. 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
An authority which has completed 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.