Michigan Laws 125.4716 – Transmission of tax increment revenues to authority; expenditures; terms; reversion of unused funds; abolishment of plan; conditions
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 125.4716
- Authority: means a water resource improvement tax increment finance authority created under this part. See Michigan Laws 125.4702
- Development program: means the implementation of the development plan. See Michigan Laws 125.4702
- Municipality: means a city, village, or township. See Michigan Laws 125.4702
- Tax increment revenues: means the amount of ad valorem property taxes and specific local taxes attributable to the application of the levy of all taxing jurisdictions upon the captured assessed value of real and personal property in the development area. See Michigan Laws 125.4703
(1) The municipal and county treasurers shall transmit tax increment revenues to the authority.
(2) The authority shall expend the tax increment revenues received for the development program only under the terms of the tax increment financing plan. Unused funds shall revert proportionately to the respective taxing bodies. Tax increment revenues shall not be used to circumvent existing property tax limitations. The governing body of the municipality may abolish the tax increment financing plan if it finds that the purposes for which it was established are accomplished. However, the tax increment financing plan shall not be abolished, allowed to expire, or otherwise terminate until the principal of, and interest on, bonds issued under section 717 have been paid or funds sufficient to make the payment have been segregated.