Michigan Laws 125.4821 – Dissolution of authority; property and assets
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Terms Used In Michigan Laws 125.4821
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means a neighborhood improvement authority created under this part. See Michigan Laws 125.4802
- Municipality: means a city or a village. See Michigan Laws 125.4802
An authority that has completed the purposes for which it was organized shall be dissolved by ordinance of the governing body. The property and assets of the authority remaining after the satisfaction of the obligations of the authority belong to the municipality.