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Document Type(s): MCLs
Public Act Number: 284
Public Act Year: 2012
(9 results found)
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Document Type Description
Act 243 of 1980 Statute EMERGENCY MUNICIPAL LOAN ACT (141.931 - 141.942)
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 141.936 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.