MCL - Act 243 of 1980


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

The People of the State of Michigan enact:
Document Type Description
Section 141.931 Section Definitions.
Section 141.932 Section 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 Section 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 Section Proceeds of a loan; special assessment.
Section 141.934 Section 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Section 141.935 Section Repealed. 2016, Act 197, Imd. Eff. June 21, 2016.
Section 141.936 Section 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 Section State treasurer selling or transferring loan; security; interest rate; terms; notice.
Section 141.937 Section Duties of municipality receiving loan; failure to comply with subsection (1) and 5-year plan; definitions; exception.
Section 141.938 Section Repealed. 2016, Act 197, Imd. Eff. June 21, 2016.
Section 141.939 Section Annual report; evaluation of loan program; recommendations.
Section 141.940 Section Repealed. 1980, Act 324, Imd. Eff. Dec. 15, 1980.
Section 141.941 Section Short title.
Section 141.942 Section Conditional effective date.