Michigan Laws 125.4403 – Authority; establishment by municipality; establishment by Next Michigan development corporation; limitation; powers
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Terms Used In Michigan Laws 125.4403
- Authority: means a local development finance authority created under 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
- Certified alternative energy park: means that portion of an authority district designated by a written agreement entered into under section 412c between the authority, the municipality or municipalities, and the Michigan economic development corporation. See Michigan Laws 125.4402
- Certified technology park: means that portion of the authority district designated by a written agreement entered into under section 412a between the authority, the municipality, and the Michigan economic development corporation. 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
- Municipality: means a city, village, or urban township. 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
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) Except as otherwise provided by subsection (2), a municipality may establish not more than 1 authority under the provisions of this part. An authority established under this subsection shall exercise its powers in all authority districts.
(2) In addition to an authority established under subsection (1), a municipality may join with 1 or more other municipalities located within the same county to establish an authority under this part. An authority created under this subsection may only exercise its powers in a certified technology park designated in an agreement made under section 412a or 412b or in a certified alternative energy park designated in an agreement under section 412c. A municipality shall not establish more than 1 authority under this subsection.
(3) A Next Michigan development corporation may establish not more than 1 authority under the provisions of this part. An authority established under this subsection shall exercise its powers within its authority district and in all Next Michigan development areas. The authority district in which the authority may exercise its powers shall include all or part of the territory of a Next Michigan development corporation, as determined by the governing body of the Next Michigan development corporation.
(4) The authority shall be a public body corporate which may sue and be sued in any court of this state. The authority possesses all the powers necessary to carry out the purpose of its incorporation. The enumeration of a power in this part shall not be construed as a limitation upon the general powers of the authority. The powers granted in this part to an authority may be exercised notwithstanding that bonds are not issued by the authority.