Michigan · statute · 243 of 1980, Mich. Comp. Laws · 11 active provisions
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 a municip…
(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 of licensing and regulatory affairs, and the director of the department of technology, management, and budget. Except for budgeting, procur…
(1) For state fiscal years ending before October 1, 2011, the board may authorize loans under this act to municipalities that total up to $5,000,000.00 in a state fiscal year. For state fiscal years beginning after September 30, 2018, the board may authorize loans under this act to municipalities that total up to $10,0…
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.
(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 loan made under this act. The municipality shall certify and substantiate all of the following information and conditions to be eligible for consideration for a l…
(1) A loan made under this act shall bear an annual rate or rates of interest, if any, as established by the board under section 2(5). The board may establish interest for a loan under this act either at a rate or rates that are fixed for the term of the loan or, if the formula is approved by the board at the time the…
(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 under this act all security pledged for the loan by a municipality. A loan sold or transferred under th…
(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 in municipal finance and administration to direct or participate directly in the managem…
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 date of this act, the board shall sub…
This act may be known and may be cited as the "emergency municipal loan act".
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.