Michigan Laws 125.2669 – Dissolution of authority; distribution of tax revenues and interest
Current as of: 2024 | Check for updates
|
Other versions
(1) An authority that completes the purposes for which it was organized shall be dissolved by resolution of the governing body. Except as provided in subsection (2), 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.
(2) Tax increment revenues and the interest earned on tax increment revenues shall be distributed as provided under section 16(2).
Terms Used In Michigan Laws 125.2669
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means a brownfield redevelopment authority created under this act. See Michigan Laws 125.2652
- Governing body: means the elected body having legislative powers of a municipality creating an authority under this act. See Michigan Laws 125.2652
- Municipality: means all of the following:
(i) A city. See Michigan Laws 125.2652Tax increment revenues: means the amount of ad valorem property taxes and specific taxes attributable to the application of the levy of all taxing jurisdictions on the captured taxable value of each parcel of eligible property subject to a brownfield plan and personal property located on that property, regardless of whether those taxes began to be levied after the brownfield plan was adopted. See Michigan Laws 125.2652