2010 Michigan Compiled Laws
Chapter 141 - MUNICIPAL FINANCING
Act 72 of 1990 - LOCAL GOVERNMENT FISCAL RESPONSIBILITY ACT (141.1201 - 141.1291)
72-1990-1 - ARTICLE 1 GENERAL PROVISIONS (141.1201...141.1202)
Section 141.1202 - Legislative determinations.
LOCAL GOVERNMENT FISCAL RESPONSIBILITY ACT (EXCERPT)Act 72 of 1990
141.1202 Legislative determinations.
Sec. 2.
The legislature hereby determines that the public health and welfare of the citizens of this state would be adversely affected by the insolvency of units of local government, including certain school districts, and that the survival of units of local government is vitally necessary to the interests of the people of this state to provide necessary governmental services. The legislature further determines that it is vitally necessary to protect the credit of the state and its political subdivisions and that it is a valid public purpose for the state to take action and to assist a unit of local government in a fiscal emergency situation to remedy this emergency situation by requiring prudent fiscal management. The legislature, therefore, determines that the authority and powers conferred by this act constitute a necessary program and serve a valid public purpose.
History: 1990, Act 72, Imd. Eff. May 15, 1990
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