(A) Sources. The activities of the Authority shall be financed from one or more of the following sources:
(1) Donations to the Authority for the performance of its functions;
(2) Proceeds of a tax imposed pursuant to M.C.L.A. § 125.1662;
(3) Moneys borrowed and to be repaid as authorized by M.C.L.A. §§ 125.1663 and 125.1663a;
(4) Revenues from any property, building, or facility owned, leased, licensed, or operated by the Authority or under its control, subject to the limitations imposed upon the Authority by trusts or other agreements;
(5) Proceeds of a tax increment financing plan, established under M.C.L.A. §§ 125.1664 to 125.1666; and/or
(6) Moneys obtained from other sources approved by the governing body of the municipality.
(B) Deposit and payment of moneys. Moneys received by the Authority and not covered under this section shall immediately be deposited to the credit of the Authority, subject to disbursement pursuant to this subchapter. Except as provided in this subchapter or in Act 197, the village shall not obligate itself, nor shall it ever be obligated to pay any sums from public funds, other than moneys received by the village pursuant to this section, for or on account of the activities of the Authority.
(Ord. 92, passed 10-4-1982)