129.241 Definitions. Sec. 1. As used in this act: (a) “Budget” means a plan of financial operation for a given period of time, including an estimate of all proposed expenditures from the funds of a local unit and the proposed means of financing the expenditures. As used in section 4(1), budget does not include any […]
129.242 Credit card arrangement; use of credit cards. Sec. 2. (1) Subject to sections 3 and 5, the governing body of a local unit may enter into a credit card arrangement. (2) A credit card arrangement or the use of credit cards under this act is not subject to the revised municipal finance act, 2001 […]
129.243 Adoption of resolution; written policy; provisions. Sec. 3. A local unit shall not be a party to a credit card arrangement unless the governing body of the local unit has adopted by resolution a written policy that provides all of the following: (a) That an officer or employee designated by the credit card policy […]
129.244 Total combined authorized credit limit; limitation; payment of balance, annual fee, and interest. Sec. 4. (1) The total combined authorized credit limit of all credit cards issued by a local unit shall not exceed 5% of the total budget of the local unit for the current fiscal year. (2) The governing body of a […]
129.245 Limiting or suspending authority to issue and use credit cards; issuance of order; hearing. Sec. 5. After a hearing conducted under the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections 24.201 to 24.328 of the Michigan Compiled Laws, the department of treasury may issue an order […]
129.246 Validity of credit card arrangement before effective date of act. Sec. 6. A credit card arrangement entered into by a local unit before the effective date of this act is valid but may not be used for credit card transactions on or after the effective date of this act unless the requirements of sections […]
129.247 Effective date. Sec. 7. This act shall take effect 6 months after the date of its enactment. History: 1995, Act 266, Eff. July 8, 1996
