Mich. Comp. Laws § 324.95231
Short title.
This act shall be known and may be cited as the "marina dredging loan origination act".
Michigan Compiled Laws — MARINA DREDGING LOAN ORIGINATION ACT (Act 10 of 2013)
Michigan · statute · 10 of 2013, Mich. Comp. Laws · 5 active provisions
Mich. Comp. Laws § 324.95232
Definitions.
As used in this act: (a) "Bottomland" means the land area of a water body that lies below the ordinary high-water mark and that may or may not be covered by water. (b) "Dredging" means the removal of sediments from bottomland. (c) "Dredging costs" means the costs associated with dredging that were incurred after Februa…
Mich. Comp. Laws § 324.95233
Marina dredging loan origination program; establishment; requirements; limitation on loan amount.
(1) The state treasurer may establish a marina dredging loan origination program as provided in this act. (2) The program shall meet all of the following: (a) A qualified financial institution shall make marina dredging loans before March 1, 2014. (b) A person receiving a marina dredging loan shall pay an interest rate…
Mich. Comp. Laws § 324.95234
Powers and duties of state treasurer, attorney general, and qualified financial institution; program as valid public purpose.
(1) The state treasurer may take any necessary action to ensure the successful operation of the program, including, but not limited to, entering into agreements with qualified financial institutions related to the operation of the program and the issuance of marina dredging loans. (2) The attorney general shall approve…
Mich. Comp. Laws § 324.95235
Appropriation; expenditure.
(1) An amount sufficient to pay loan origination fees under this act, not to exceed $1,000,000.00, shall be expended if it is appropriated to the department of treasury. (2) The appropriation authorized in this section is a work project appropriation, and any unencumbered or unallotted funds are carried forward into th…