Section 390.1679 - Department of treasury; assumption of operational control; dissolution; resolution. - Michigan Statutes

MICHIGAN PROMISE ZONE AUTHORITY ACT (EXCERPT)
Act 549 of 2008

390.1679 Department of treasury; assumption of operational control; dissolution; resolution.

Sec. 19.

(1) The department of treasury shall oversee the operations of any promise zone authority or board created under this act. If the department of treasury determines that the actions of a promise zone authority or board are not in accordance with the promise zone development plan, the department of treasury may assume operational control of that promise zone authority or board.

(2) An authority that has completed the purposes for which it was organized shall be dissolved by resolution of the governing body. The property and assets of the authority remaining after the satisfaction of the obligations of the authority belong to the eligible entity.

History: 2008, Act 549, Imd. Eff. Jan. 13, 2009