2010 Michigan Compiled Laws
Chapter 141 - MUNICIPAL FINANCING
Act 243 of 1980 - EMERGENCY MUNICIPAL LOAN ACT (141.931 - 141.942)

EMERGENCY MUNICIPAL LOAN ACT
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.

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

• 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• Section 141.940 - Repealed. 1980, Act 324, Imd.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.