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Current as of January 01, 2025 | Updated by Findlaw Staff
Sec. 7. The revenues derived from the excise taxes must be deposited in a special fund to be used by the county, by the local unit of government, or by an authority that is organized pursuant to state law, together with other available funds only to pay for 1 or more of the following:
(a) The cost of administration and enforcement of the ordinance.
(b) The financing of the acquisition, construction, improvement, enlargement, repair, or maintenance of convention and entertainment facilities, including, except as provided in subdivision (e), the payment of principal and interest, when due, on bonds or other evidence of indebtedness issued by the county or local unit of government for convention and entertainment facilities.
(c) Except as provided in subdivision (e), current or future annual rental payable by the county or local unit of government to an authority organized pursuant to state law for the purpose of acquiring, constructing, improving, enlarging, repairing, or maintaining the convention and entertainment facilities and leasing them to the county or local unit of government.
(d) The promotion and encouragement of tourist and convention business in the county or local unit of government.
(e) The principal and interest, when due, on bonds or other evidence of indebtedness issued by or on behalf of the county for the purpose of financing the construction of a museum, or the current or future rental payable by the county to an authority organized pursuant to state law for the purpose of constructing a museum and leasing it to the county, only if the museum is located in a city with a population of 180,000 or more.
Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 141. Municipal Financing § 141.867 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-141-municipal-financing/mi-comp-laws-141-867/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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