There is a newer version
of
this Statute
2021 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- Section 141.935 - Repealed. 2016, Act 197, Imd.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- Section 141.938 - Repealed. 2016, Act 197, Imd.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.
Disclaimer: These codes may not be the most recent version. Michigan may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
