(A) The township may, by resolution of the governing body, authorize, issue and sell general obligation bonds it deems appropriate and necessary, subject to the limitations set forth in this section, to finance the development program of the tax increment financing plan and shall pledge its full faith and credit for the payment of the bonds.
(B) The bonds shall mature in not more than 30 years and shall be subject to Pub. Act 202 of 1943, as amended, being M.C.L.A. §§ 131.1 to 138.2.
(1) Before the township may authorize the borrowing, the Authority shall submit an estimate of the anticipated tax increment revenue to be available for payment of principal and interest on bonds to the governing body.
(2) This estimate shall be approved by the governing body resolution adopted by a majority vote of the members of the governing body, and in the resolution authorizing the bonds and when approved by the State Municipal Commission shall be conclusive for purposes of this section.
(3) The township may not pledge for annual debt service requirements in any one year in excess of 80% of the estimated tax increment revenue to be received from the development area for that year, and the total aggregate amount of borrowing shall not exceed an amount which the 80% of the estimated tax increment will service as to annual principal and interest requirements.
(4) The bonds issued under this section shall be considered to be a single series for the purposes of Pub. Act 202 of 1943, as amended, being M.C.L.A. §§ 131.1 to 138.2.
(Ord. 89-5 DDA, passed 4-3-1989)