Section 125.2153 - Authority; establishment; powers. - Michigan Statutes

THE LOCAL DEVELOPMENT FINANCING ACT (EXCERPT)
Act 281 of 1986

125.2153 Authority; establishment; powers.

Sec. 3.

(1) Except as otherwise provided by subsection (2), a municipality may establish not more than 1 authority under the provisions of this act. An authority established under this subsection shall exercise its powers in all authority districts.

(2) In addition to an authority established under subsection (1), a municipality may join with 1 or more other municipality located within the same county to establish an authority under this act. An authority created under this subsection may only exercise its powers in a certified technology park designated in an agreement made under section 12a or a certified alternative energy park under section 12c. A municipality shall not establish more than 1 authority under this subsection for a certified technology park and not more than 1 authority under this subsection for a certified alternative energy park.

(3) The authority shall be a public body corporate which may sue and be sued in any court of this state. The authority possesses all the powers necessary to carry out the purpose of its incorporation. The enumeration of a power in this act shall not be construed as a limitation upon the general powers of the authority. The powers granted in this act to an authority may be exercised notwithstanding that bonds are not issued by the authority.

History: 1986, Act 281, Eff. Feb. 1, 1987 ;-- Am. 2000, Act 248, Imd. Eff. June 29, 2000 ;-- Am. 2009, Act 162, Imd. Eff. Dec. 14, 2009