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Act 243 of 1980
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EMERGENCY MUNICIPAL LOAN ACT

Act 243 of 1980

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


© 2009 Legislative Council, State of Michigan

The People of the State of Michigan enact:

DocumentTypeDescription
Section 141.931SectionDefinitions.
Section 141.932SectionLocal emergency financial assistance loan board; creation; membership; powers and duties; approval of actions; conducting business at public meeting; staff services.
Section 141.933SectionMaximum amount of loans in fiscal year; limitations; conditions; revenue for loans; restructuring payments; “county juvenile agency” defined.
Section 141.933aSectionProceeds of a loan; special assessment.
Section 141.934SectionApplication for loan; resolution; certification of information and conditions; inspection, copying, or auditing of books and records; applicability of subsection (1).
Section 141.935SectionMaximum amount of loans; eligibility.
Section 141.936SectionAnnual 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 141.936aSectionState treasurer selling or transferring loan; security; interest rate; terms; notice.
Section 141.937SectionDuties of municipality receiving loan; definitions; exception.
Section 141.938SectionAdditional eligibility requirements; exception.
Section 141.939SectionAnnual report; evaluation of loan program; recommendations.
Section 141.940SectionRepealed. 1980, Act 324, Imd. Eff. Dec. 15, 1980.
Section 141.941SectionShort title.
Section 141.942SectionConditional effective date.