The fiscal year of the Authority shall be identical to, and coincide with, the fiscal year of the village. The Authority shall prepare a budget for each of its fiscal years which shall be subject to the approval of the Village Council. The revenues of the Authority shall consist of tax increments due under a Development Plan and a Tax Increment Financing Plan, as amended from time to time, created pursuant to the provisions of Act 197 of the Public Acts of Michigan for 1975, as amended, together with voluntary contributions or donations, gifts, grants and devices, non-tax revenues raised or earned by the Authority, appropriations to the Authority made from time to time by the Village Council, borrowings, the proceeds of revenue bonds or general obligation bonds and other revenues raised pursuant to the Act with the approval of the Village Council.
(Ord. 110, passed 11-16-2021)