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MICHIGAN STATUTES AND CODES
Section 125.990i - Audit.
Act 120 of 1961
125.990i Audit.
Sec. 10i.
(1) Expenses incurred in implementing any project or service of a business improvement zone shall be financed in accordance with the zone plan.
(2) Assessment revenues under section 10h are the funds of the business improvement zone and not funds of the state or of the city or village in which the business improvement zone is located. All money collected under section 10h shall be deposited in a financial institution in the name of the business improvement zone. Assessment revenues may be deposited in an interest generating account. The business improvement zone shall use the funds only to implement the zone plan.
(3) All expenditures by a business improvement zone shall be audited annually by a certified public accountant. The audit shall be completed within 9 months of the close of the fiscal year of the business improvement zone. Within 30 days after completion of an audit, the certified public accountant shall transmit a copy of the audit to the board and make copies of the audit available to the property owners and the public.
(4) If an annual audit required by this section contains material exceptions and the material exceptions are not substantially corrected within 90 days of the delivery of the audit, the business improvement zone shall be dissolved in accordance with the zone plan upon approval of the dissolution by the governing body of the city or village in which the business improvement zone is located.
(5) The board shall publish an annual activity and financial report. The report shall be available to the public. Each year, every property owner shall be notified of the availability of the annual activity and financial report.
(6) As used in this section, “financial institution” means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government and that maintains a principal office or branch office located in this state under the laws of this state or of the United States.
History: Add. 2001, Act 260, Eff. Mar. 1, 2002
Popular Name: Shopping Areas Redevelopment Act