{"data":{"id":"us-mi/mich.-comp.-laws-125.982","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 125.982","heading":"Principal shopping district project or business improvement project; methods or criteria for financing costs.","body":"Sec. 2.\n\nThe cost of the whole or any part of a principal shopping district project or business improvement district project as authorized in this chapter may be financed by 1 or more of the following methods:\n\nGrants and gifts to the local governmental unit or district.\n\nLocal governmental unit funds.\n\nThe issuance of general obligation bonds of the local governmental unit subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.\n\nThe issuance of revenue bonds by the local governmental unit under the revenue bond act of 1933, 1933 PA 94, MCL 141.101 to 141.140, or under any other applicable revenue bond act. The issuance of the bonds shall be limited to the part or parts of the district project that are public improvements.\n\nThe levying of special assessments against land or interests in land, or both.\n\nAny other source.\n\nBeginning January 1, 2000, the proceeds of a bond, note, or other obligation issued to finance a project authorized under this chapter shall be used for capital expenditures, costs of a reserve fund securing the bonds, notes, or other obligations, and costs of issuing the bonds, notes, or other obligations. The proceeds of the bonds, notes, or other obligations shall not be used for operational expenses of a district.","path":["MI Code","Chapter 125","Act Act-120-of-1961"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-125-982","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"62f07201ecedc1184e7a5a2fb0eef7c9139e425aeacc8464251874d0b4b30146","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-125.981","next":"us-mi/mich.-comp.-laws-125.983"},"notice":"GroundRules: Original legal text. Not legal advice."}