Section 125.1653a - Authority of annexing or consolidated municipality; obligations, agreements, and bonds.
DOWNTOWN DEVELOPMENT AUTHORITY (EXCERPT)
Act 197 of 1975
125.1653a Authority of annexing or consolidated municipality; obligations, agreements, and bonds.
Sec. 3a.
If a downtown district is part of an area annexed to or consolidated with another municipality, the authority managing that district shall become an authority of the annexing or consolidated municipality. Obligations of that authority incurred under a development or tax increment plan, agreements related to a development or tax increment plan, and bonds issued under this act shall remain in effect following the annexation or consolidation.
History: Add. 1985, Act 159, Imd. Eff. Nov. 15, 1985
Popular Name: DDA
Popular Name: Downtown Development Authority Act