Section 125.4328 Authority District Part of Area Annexed to or Consolidated With Another Municipality; Authority of Annexing or Consolidated Municipality; Effect of Obligations, Agreements, and Bonds.

MI Comp L § 125.4328 (2019) (N/A)

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Sec. 328.

Notwithstanding the limitation provided by section 302(1) on having more than 1 authority, if an authority district is part of an area annexed to or consolidated with another municipality, the authority managing that authority district shall become an authority of the annexing or consolidated municipality. All obligations of that authority incurred pursuant to development plans or tax increment plans, all agreements related to the plans, and bonds issued pursuant to this part shall remain in effect following the annexation or consolidation.

History: 2018, Act 57, Eff. Jan. 1, 2019

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Section 125.4329 New Authority or Authority District and Boundaries of Authority District; Prohibitions; Validity of Tax Increment Finance Authority, Authority District, Development Area, Development Plan, or Tax Increment Financing Plan Established Before December 30, 1986; Development Area Created or Expanded After December 29, 1986.

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