Michigan Laws 125.4328 – Authority district part of area annexed to or consolidated with another municipality; authority of annexing or consolidated municipality; effect of obligations, agreements, and bonds
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 125.4328
- Authority: means a tax increment finance authority created under this part. See Michigan Laws 125.4301
- Authority district: means that area within which an authority exercises its powers and within which 1 or more development areas may exist. See Michigan Laws 125.4301
- district: means that area to which the tax increment finance plan pertains. See Michigan Laws 125.4301
- Municipality: means a city. See Michigan Laws 125.4301
Notwithstanding the limitation provided by section 302(1) on having more than 1 authority, if an authority district is part of an area annexed to or consolidated with another municipality, the authority managing that authority district shall become an authority of the annexing or consolidated municipality. All obligations of that authority incurred pursuant to development plans or tax increment plans, all agreements related to the plans, and bonds issued pursuant to this part shall remain in effect following the annexation or consolidation.