125.4314 Transmitting and expending tax increment revenues; disposition of surplus funds; abolition of tax increment financing plan.
211 words·~1 min read·
/mi/chapter-125/125-4314A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
125.4314 Transmitting and expending tax increment revenues; disposition of surplus funds; abolition of tax increment financing plan.
Sec. 314.
(1)The municipal and county treasurers shall transmit to the authority tax increment revenues.
(2)The authority shall expend the tax increment revenues received for the development program only in accordance with the tax increment financing plan. Surplus funds may be retained by the authority for the payment of the principal of and interest on outstanding tax increment bonds or for other purposes that, by resolution of the board, are determined to further the development program. Any surplus funds not so used shall revert proportionately to the respective taxing bodies. These revenues shall not be used to circumvent existing property tax laws or a local charter that provides a maximum authorized rate for levy of property taxes. The governing body may abolish the tax increment financing plan when it finds that the purposes for which the plan was established are accomplished. However, the tax increment finance plan shall not be abolished, allowed to expire, or otherwise terminate until the principal of, and interest on, bonds issued pursuant to section 315 have been paid or funds sufficient to make the payment have been segregated.
History: 2018, Act 57 , Eff. Jan. 1, 2019