Michigan Laws 125.4203a – Authority of annexing or consolidated municipality; obligations, agreements, and bonds
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Terms Used In Michigan Laws 125.4203a
- Authority: means a downtown development authority created pursuant to this part. See Michigan Laws 125.4201
- Downtown district: means that part of an area in a business district that is specifically designated by ordinance of the governing body of the municipality pursuant to this part. See Michigan Laws 125.4201
- Municipality: means a city, village, or township. See Michigan Laws 125.4201
If a downtown district is part of an area annexed to or consolidated with another municipality, the authority managing that district shall become an authority of the annexing or consolidated municipality. Obligations of that authority incurred under a development or tax increment plan, agreements related to a development or tax increment plan, and bonds issued under this part shall remain in effect following the annexation or consolidation.