There is a newer version of the Michigan Compiled Laws
2006 Michigan Compiled Laws - Act 243 of 1980
| AN ACT to provide emergency financial assistance for certain municipalities; 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, municipalities of this state, and officials of the state and municipalities of this state; and to prescribe remedies and penalties.
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| Document | Description |
| Section 141.931 | Definitions. |
| Section 141.932 | Local emergency financial assistance loan board; creation; membership; powers and duties; approval of actions; conducting business at public meeting; staff services. |
| Section 141.933 | Maximum amount of loans in fiscal year; limitations; conditions; revenue for loans; "county juvenile agency" defined. |
| Section 141.934 | Application for loan; resolution; certification of information and conditions; inspection, copying, or auditing of books and records; applicability of subsection (1). |
| Section 141.935 | Maximum amount of loans; eligibility. |
| 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. |
| Section 141.937 | Duties of municipality receiving loan; definitions; exception. |
| Section 141.938 | Additional eligibility requirements; exception. |
| Section 141.939 | Annual report; evaluation of loan program; recommendations. |
| Section 141.940 | Repealed. 1980, Act 324, Imd. Eff. Dec. 15, 1980. |
| Section 141.941 | Short title. |
| Section 141.942 | Conditional effective date. |
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