2010 Michigan Compiled Laws
Chapter 388 - SCHOOLS AND SCHOOL AID
Act 26 of 1982 - EMERGENCY FINANCIAL ASSISTANCE FOR CERTAIN SCHOOL DISTRICTS (388.811 - 388.829)

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

EMERGENCY FINANCIAL ASSISTANCE FOR CERTAIN SCHOOL DISTRICTS
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

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