Michigan Compiled Laws Act 243 Of 1980 Emergency Municipal Loan Act (141.931 - 141.942)

AN ACT to provide emergency financial assistance for certain political subdivisions of this state; to create a local emergency financial assistance loan board and to prescribe the powers and duties of this board; to prescribe conditions for granting and receiving loans, to prescribe terms and conditions for the repayment of loans, and to allow the limiting of repayment by a county from specified revenue sources; to impose certain requirements and duties on certain state departments, political subdivisions of this state, and officials of this state and political subdivisions of this state; and to prescribe remedies and penalties.

History: 1980, Act 243, Imd. Eff. July 24, 1980 ;-- Am. 1980, Act 324, Imd. Eff. Dec. 15, 1980 ;-- Am. 1988, Act 198, Imd. Eff. June 27, 1988 ;-- Am. 2012, Act 284, Imd. Eff. Aug. 1, 2012

Section 141.931 Definitions.
As used in this act: (a) "Board" means the local emergency financial assistance loan board created under section 2. (b) "Fiscal year" means, unless...
Section 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.
(1) There is created a local emergency financial assistance loan board within the department of treasury. This board shall consist of the state treasurer,...
Section 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.
(1) For state fiscal years ending before October 1, 2011, the board may authorize loans under this act to municipalities that total up to...
Section 141.933a Proceeds Of A Loan; Special Assessment.
The proceeds of a loan issued under this act to a municipality shall not be used by the municipality to finance any costs associated...
Section 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).
(1) If the governing body of a municipality desires to request a loan, it shall provide by resolution for the submission of an application...
Section 141.935 Maximum Amount Of Loans; Eligibility.
Except for a county subject to section 3(2), until September 30, 2011, the board may authorize loans to any 1 municipality in an amount...
Section 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.
(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 141.936a State Treasurer Selling Or Transferring Loan; Security; Interest Rate; Terms; Notice.
(1) The state treasurer may sell or transfer a loan under this act and enter into an agreement related to the sale or transfer...
Section 141.937 Duties Of Municipality Receiving Loan; Failure To Comply With Subsection (1) And 5-year Plan; Definitions; Exception.
(1) A municipality that receives a loan under this act shall perform all of the following: (a) Except as otherwise provided in this subdivision,...
Section 141.938 Additional Eligibility Requirements; Exception.
(1) In addition to the requirements of section 4, to be eligible for consideration for a fiscal year loan under this act after having...
Section 141.939 Annual Report; Evaluation Of Loan Program; Recommendations.
The board shall report annually to the governor and the legislature on which municipalities have applied for loans under the program, which municipalities have...
Section 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.
Section 141.941 Short Title.
This act may be known and may be cited as the “emergency municipal loan act”. History: 1980, Act 243, Imd. Eff. July 24, 1980
Section 141.942 Conditional Effective Date.
This act shall not take effect unless the following Senate Bills of the 1980 regular session of the legislature are enacted into law: (a)...

Last modified: October 10, 2016