141.931 Definitions. Sec. 1. As used in this act: (a) “Board” means the local emergency financial assistance loan board created under section 2. (b) “Fiscal year” means, unless otherwise provided in this act, the fiscal year of the municipality applying for a loan under this act. (c) “Income tax collections” means the total collection of […]
141.932 Local emergency financial assistance loan board; creation; membership; powers and duties; approval of actions; conducting business at public meeting; staff services; powers of municipality. Sec. 2. (1) There is created a local emergency financial assistance loan board within the department of treasury. This board consists of the state treasurer, the director of the department […]
141.933 Maximum amount of loans in fiscal year; limitations; conditions; maintaining loan proceeds in separate account; monitoring expenditures; loan proceeds subject to MCL 45.621 to 45.631; revenue for loans; restructuring payments; “county juvenile agency” defined. Sec. 3. (1) For state fiscal years ending before October 1, 2011, the board may authorize loans under this act […]
141.933a Proceeds of a loan; special assessment. Sec. 3a. The proceeds of a loan issued under this act to a municipality shall not be used by the municipality to finance any costs associated with a special assessment or special assessment district established after the effective date of the amendatory act that added this section. History: […]
141.934 Application for loan by municipality; resolution; certification of information and conditions; inspection, copying, or auditing of books and records; applicability of subsection (1). Sec. 4. (1) If the governing body of a municipality desires to request a loan, it shall provide by resolution for the submission of an application to the board for a […]
141.935 Repealed. 2016, Act 197, Imd. Eff. June 21, 2016. Compiler’s Notes: The repealed section pertained to limitation on board authorized loan to municipality.
141.936 Annual rate or rates of interest; fixed rate; rate calculated upon formula; limitation; payment of interest and principal; delinquency; repayment at earlier date or in fewer installments; prohibited conditions; effect of failure to make repayments; loan as general obligation of municipality; exception. Sec. 6. (1) A loan made under this act shall bear an […]
141.936a State treasurer selling or transferring loan; security; interest rate; terms; notice. Sec. 6a. (1) The state treasurer may sell or transfer a loan under this act and enter into an agreement related to the sale or transfer of the loan. The state treasurer also may assign to the purchaser or transferee of a loan […]
141.937 Duties of municipality receiving loan; failure to comply with subsection (1) and 5-year plan; definitions; exception. Sec. 7. (1) A municipality that receives a loan under this act shall perform all of the following: (a) Except as otherwise provided in this subdivision, employ a full-time professional administrator or contract with a person with expertise […]
141.938 Repealed. 2016, Act 197, Imd. Eff. June 21, 2016. Compiler’s Notes: The repealed section pertained to eligibility requirements for fiscal year loan.
141.939 Annual report; evaluation of loan program; recommendations. Sec. 9. The board shall report annually to the governor and the legislature on which municipalities have applied for loans under the program, which municipalities have received loans, the amount of each loan, and the conditions under which each loan was made. Five years after the effective […]
141.940 Repealed. 1980, Act 324, Imd. Eff. Dec. 15, 1980. Compiler’s Notes: The repealed section pertained to local emergency financial assistance loan fund.
141.941 Short title. Sec. 11. This act may be known and may be cited as the “emergency municipal loan act”. History: 1980, Act 243, Imd. Eff. July 24, 1980
141.942 Conditional effective date. Sec. 12. This act shall not take effect unless the following Senate Bills of the 1980 regular session of the legislature are enacted into law: (a) Senate Bill No. 1192. (b) Senate Bill No. 1193. History: 1980, Act 243, Imd. Eff. July 24, 1980 Compiler’s Notes: Senate Bill No. 1192, referred […]
