SB-0816, As Passed House, December 18, 2008

SENATE BILL No. 816

September 26, 2007, Introduced by Senators McMANUS, JELINEK, PAPPAGEORGE, GARCIA and GLEASON and referred to the Committee on Economic Development and Regulatory Reform.

     A bill to amend 1986 PA 281, entitled

"The local development financing act,"

by amending section 19 (MCL 125.2169), as amended by 1993 PA 333.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     Sec. 19. (1) The director of the authority shall prepare and

submit for the approval of the board a budget for the operation of

the authority for the ensuing fiscal year. The budget shall be

prepared in the manner and contain the information required of

municipal departments. Before the budget may be adopted by the

board, it shall be approved by the governing body. Funds of the

municipality shall not be included in the budget of the authority

except those funds authorized in this act or by the governing body.

     (2) The governing body may assess a reasonable pro rata share

of the funds for the cost of handling and auditing the funds

against the funds of the authority, other than those committed for

designated purposes, which cost shall be paid annually by the board

pursuant to an appropriate item in its budget.

     (3) The auditor general or a certified public accountant

appointed by the auditor general shall annually audit the authority

whose authority district includes eligible property to which

section 2(l)(iv) applies. The audit shall be limited to matters

pertaining to that district. Upon completion of the audit, the

auditor general shall submit a report on the audit to the

committees of the senate and the house of representatives primarily

responsible for taxation and environmental protection issues. The

department of natural resource shall biannually report to these

committees and to the auditor general the status of the remediation

of the soil and groundwater contamination described in section

2(l)(iv).