2010 Michigan Compiled Laws
Chapter 141 - MUNICIPAL FINANCING
Act 243 of 1980 - EMERGENCY MUNICIPAL LOAN ACT (141.931 - 141.942)
Section 141.938 - Additional eligibility requirements; exception.
EMERGENCY MUNICIPAL LOAN ACT (EXCERPT)Act 243 of 1980
141.938 Additional eligibility requirements; exception.
Sec. 8.
(1) In addition to the requirements of section 4, to be eligible for consideration for a fiscal year loan under this act after having qualified for and received the first or any subsequent fiscal year loan under this act, a municipality shall satisfy all of the following requirements:
(a) Fulfilled the requirements of section 7.
(b) Submitted a progress report to the board detailing the steps that have been taken to achieve the long-range plan submitted pursuant to section 4(1) and the management measures that have been taken to improve fiscal management of the municipality.
(c) Satisfy the board that reasonable progress has been made to resolve any federal discrimination suit pending against the municipality.
(2) Subsection (1) does not apply to a loan authorized under section 3(2) or (3).
History: 1980, Act 243, Imd. Eff. July 24, 1980
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Am. 1980, Act 324, Imd. Eff. Dec. 15, 1980
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Am. 1986, Act 6, Imd. Eff. Feb. 21, 1986
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Am. 1998, Act 528, Imd. Eff. Jan. 12, 1999
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