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2019 Michigan Compiled Laws
Chapter 141 - Municipal Financing
Act 243 of 1980 Emergency Municipal Loan Act (141.931 - 141.942)
AN ACT to provide emergency financial assistance for certain political subdivisions of this state; 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, political subdivisions of this state, and officials of this state and political subdivisions 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 ;-- Am. 2012, Act 284, Imd. Eff. Aug. 1, 2012
- 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; Powers of Municipality.
- Section 141.933 Maximum Amount of Loans in Fiscal Year; Limitations; Conditions; Maintaining Loan Proceeds in Separate Account; Monitoring Expenditures; Loan Proceeds Subject to Mcl 45.621 to 45.631; Revenue for Loans; Restructuring Payments; “County Juvenile Agency” Defined.
- Section 141.933a Proceeds of a Loan; Special Assessment.
- Section 141.934 Application for Loan by Municipality; Resolution; Certification of Information and Conditions; Inspection, Copying, or Auditing of Books and Records; Applicability of Subsection (1).
- Section 141.935 Repealed. 2016, Act 197, Imd. Eff. June 21, 2016.
- 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 141.936a State Treasurer Selling or Transferring Loan; Security; Interest Rate; Terms; Notice.
- Section 141.937 Duties of Municipality Receiving Loan; Failure to Comply With Subsection (1) and 5-Year Plan; Definitions; Exception.
- Section 141.938 Repealed. 2016, Act 197, Imd. Eff. June 21, 2016.
- 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.
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