Michigan Laws 125.4412e – Notice of designation of Next Michigan development area; marketing of authority district by Michigan economic development corporation; pledge to support tax increment bonds
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Terms Used In Michigan Laws 125.4412e
- Authority: means a local development finance authority created pursuant to this part. See Michigan Laws 125.4402
- Authority district: means an area or areas within which an authority exercises its powers. See Michigan Laws 125.4402
- 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.
- Governing body: means , except as otherwise provided in this subdivision, the elected body having legislative powers of a municipality creating an authority under this part. See Michigan Laws 125.4402
- Michigan economic development corporation: means the public body corporate created under section 28 of article VII of the state constitution of 1963 and the urban cooperation act of 1967, 1967 (Ex Sess) PA 7, MCL 124. See Michigan Laws 125.4402
- Municipality: means a city, village, or urban township. See Michigan Laws 125.4402
- Next Michigan development area: means a portion of an authority district designated by a Next Michigan development corporation under section 412e to which a development plan is applicable. See Michigan Laws 125.4402
- Next Michigan development corporation: means that term as defined in section 3 of the next Michigan development act, 2010 PA 275, MCL 125. See Michigan Laws 125.4402
(1) A Next Michigan development corporation establishing an authority under section 403(3) shall notify the Michigan economic development corporation of the designation of a Next Michigan development area.
(2) The Michigan economic development corporation shall market the authority district including Next Michigan development areas.
(3) For an authority exercising its powers under section 403(3), each municipality and county which is a party to the interlocal agreement establishing the Next Michigan development corporation, or any 1 of them, by a majority vote of the members of its governing body, may make a limited tax pledge to support the authority’s tax increment bonds issued under section 414 or, if authorized by the voters of the municipality or county, may pledge its full faith and credit for the payment of the principal of and interest on the bonds. The municipalities or counties that have made a pledge to support the authority’s tax increment bonds may approve by resolution an agreement among themselves establishing obligations each may have to the other party or parties to the agreement for reimbursement of all or any portion of a payment made by a municipality or county related to its pledge to support the authority’s tax increment bonds.