Michigan Laws 125.4420 – Dissolution of authority; resolution; disposition of property and assets
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Terms Used In Michigan Laws 125.4420
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means a local development finance authority created pursuant to this part. See Michigan Laws 125.4402
- 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
- Municipality: means a city, village, or urban township. See Michigan Laws 125.4402
An authority that completes 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 or to an agency or instrumentality designated by resolution of the municipality.