125.2661 Financing sources of authority activities.
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125.2661 Financing sources of authority activities.
Sec. 11.
The activities of the authority must be financed from 1 or more of the following sources:
(a)Contributions, contractual payments, or appropriations to the authority for the performance of its functions or to pay the costs of a brownfield plan of the authority.
(b)Revenues from a property, building, or facility owned, leased, licensed, or operated by the authority or under its control, subject to the limitations imposed on the authority by trusts or other agreements.
(c)Subject to the limitations imposed under sections 8, 13, 13b, and 15, 1 or both of the following:
(i)Tax increment revenues received under a brownfield plan established under sections 13 and 14.
(ii)Proceeds of tax increment bonds and notes issued under section 17.
(d)Proceeds of revenue bonds and notes issued under section 12.
(e)Revenue available in the local brownfield revolving fund for the costs described in section 8.
(f)Construction period tax capture revenues, withholding tax capture revenues, income tax capture revenues, and sales and use tax capture revenues received under a transformational brownfield plan established under sections 13c and 14a.
(g)Money obtained from all other sources approved by the governing body of the municipality or otherwise authorized by law for use by the authority or the municipality to finance activities authorized under this act.
History: 1996, Act 381 , Eff. Sept. 16, 1996 ;-- Am. 2016, Act 471 , Eff. Apr. 5, 2017 ;-- Am. 2017, Act 46 , Eff. July 24, 2017 ;-- Am. 2023, Act 89 , Imd. Eff. July 19, 2023 ;-- Am. 2023, Act 90 , Imd. Eff. July 19, 2023