Michigan Compiled Laws — MICHIGAN PROMISE ZONE AUTHORITY ACT (Act 549 of 2008)

Short title.

This act shall be known and may be cited as the "Michigan promise zone authority act".

Definitions.

As used in this act: (a) "Authority" means a promise zone authority created under this act. (b) "Board" means the governing body of an authority. (c) "Eligible entity" means a city, township, county, local school district, or intermediate school district, in which the percentage of families with children under age 18 t…

(1) If a governing body determines that it is necessary for the best interests of the public to promote access to postsecondary education, the governing body may, by resolution, declare its intention to establish a promise zone. (2) A governing body shall set a date for a public hearing on the adoption of a proposed re…

Ineligible entity; revenue capture from state education tax.

(1) A city, township, county, local school district, or intermediate school district that is not an eligible entity may create a promise zone under this act but shall not capture revenue from the state education tax under this act. The governing body of a city, township, county, local school district, or intermediate s…

Promise zone authority; creation; authority as public body corporate; powers; board; oath; proceedings and rules subject to open meetings act; removal of board member; writings subject to the freedom of information act.

(1) If a governing body, by resolution, establishes a promise zone under section 4(5), the governing body shall, by resolution, create a promise zone authority. (2) An authority is a public body corporate that may sue and be sued in any court of this state. An authority possesses all the powers necessary to carry out i…

Promise zone development plan; provisions; funding for out-of-state postsecondary institution prohibited; submission of plan or amendments to department of treasury; failure to submit plan within certain time frame; review; approval or written notice of deficiencies; amendment.

(1) A promise zone authority created under section 5 shall prepare a promise zone development plan. (2) A promise zone development plan must include, but is not limited to, all of the following: (a) A complete description of the proposed promise of financial assistance. The proposed promise of financial assistance must…

Cause of action not created.

(1) The establishment of a promise zone does not create a cause of action in law or in equity against this state, an eligible entity, or a promise zone authority. (2) The establishment of a promise zone development plan does not create a cause of action in law or in equity against this state, an eligible entity, or a p…

Director; powers and duties; acting director; treasurer; secretary; legal counsel; other personnel; deposit of money; administrative costs; limitation; submission of audited financial statements; certification of compliance.

(1) The board may employ a director. All of the following apply to a director employed by a board under this subsection: (a) The board shall establish the director's compensation. (b) The director serves at the pleasure of the board. (c) A member of the board is not eligible to hold the position of director. (d) Before…

Board; powers.

The board may do any of the following: (a) Prepare an analysis of the postsecondary educational opportunities for the residents of the promise zone. (b) Study and analyze the need for financial resources to provide postsecondary educational opportunities for residents of the promise zone. (c) Acquire by purchase or oth…

Budget.

(1) The board shall adopt a budget for the operation of the authority for each fiscal year, before the beginning of that fiscal year, based on a budget submitted to it by the director. The budget shall be prepared in the manner and contain the information required of municipal departments. Unless authorized by the gove…

Capture of state education tax; determination of base year; payments.

(1) The authority shall determine the base year for calculating the amount of incremental growth for the capture of the state education tax as provided in this section. The base year is the amount of revenue received from the collection of the state education tax in the promise zone in the year immediately preceding th…

Department of treasury; assumption of operational control; dissolution; resolution; use of remaining property and assets.

(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 op…