January 29, 2013, Introduced by Rep. Shirkey and referred to the Committee on Oversight.
A bill to amend 1984 PA 431, entitled
"The management and budget act,"
(MCL 18.1101 to 18.1594) by adding section 388a.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 388a. Except as otherwise provided in this act or by law,
if this state is required to make a payment of funds to a local
governmental unit and fails to do so, this state shall also pay
interest beginning 30 days after the payment was required to be
made. The interest shall accrue until the payment is made to the
local governmental unit. The interest rate shall be the same rate
that is calculated under section 23(2) of 1941 PA 122, MCL 205.23.