2006 Michigan Compiled Laws - Act 26 of 1982

***** Act 26 of 1982 THIS ACT IS NOT APPLICABLE AFTER JUNE 30, 1994: See 388.829 *****


Act 26 of 1982

AN ACT to provide for emergency financial assistance for certain school districts; to prescribe certain powers and duties of intermediate school boards, local school boards, the state board of education, the state treasurer, and the auditor general; to create an emergency loan revolving fund; to make an appropriation; and to prescribe penalties.

History: 1982, Act 26, Imd. Eff. Mar. 4, 1982

The People of the State of Michigan enact:

Section 388.811Definitions.
Section 388.812Procedures.
Section 388.813Emergency loan; eligibility criteria; certification; certified audit.
Section 388.814Emergency loan; application; recommendation; warrant.
Section 388.815Notes; issuance; maturity; interest rate; payment; review and approval of balanced budget; repayment; monthly expenditure report.
Section 388.816Expenditures not to exceed revenue; maintaining balanced budget.
Section 388.817Reorganization of school district not levying minimum mills; recommendation.
Section 388.818Reorganization of school district certified as not able to balance budget; recommendation.
Section 388.819Reorganization of school district not balancing budget in following fiscal year; recommendation.
Section 388.820Reorganization of school district defaulting in repayment of loan; recommendation.
Section 388.821Reorganization of school district; hearing; notice; recommendations.
Section 388.822Existence of conditions warranting reorganization of school district; determination; transmitting report with recommendations.
Section 388.823Report and recommendations of state committee; publication; objections or comments; consideration of report; determination as to indorsement.
Section 388.824Reorganization of school district with 1 or more contiguous districts to provide equitable educational opportunity; effective date; finality.
Section 388.825Bonded indebtedness of reorganized school district; territory of school district as assessing unit; board of trustees; officers; refinancing of original bonds; responsibility; certifying and ordering levy of taxes.
Section 388.826Assumption and payment of bonded indebtedness; approval of electors; final responsibility; certifying and ordering levy of taxes; holding election.
Section 388.827Compliance with § 380.1284; removal of board member.
Section 388.828School emergency loan revolving fund; creation; purpose; warrant; transfer of repayments to general fund; appropriation.
Section 388.829Applicability of loan provisions and act.

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