April 24, 2012, Introduced by Reps. Ouimet, Denby, Pscholka, Rogers and Hughes and referred to the Committee on Local, Intergovernmental, and Regional Affairs.
A bill to amend 1855 PA 105, entitled
"An act to regulate the disposition of the surplus funds in the
state treasury; to provide for the deposit of surplus funds in
certain financial institutions; to lend surplus funds pursuant to
loan agreements secured by certain commercial, agricultural, or
industrial real and personal property; to authorize the loan of
surplus funds to certain municipalities; to authorize the
participation in certain loan programs; to authorize an
appropriation; and to prescribe the duties of certain state
agencies,"
by amending section 1 (MCL 21.141), as amended by 1987 PA 284.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 1. (1) The state treasurer shall make a loan from surplus
funds to an eligible municipality, as municipality is defined in
section
1 of the emergency municipal loan act, Act No. 243 of the
Public
Acts of 1980, being section 141.931 of the Michigan Compiled
Laws,
1980 PA 243, MCL 141.931, if the loan is approved pursuant to
under
the emergency municipal loan act, Act
No. 243 of the Public
Acts
of 1980, being sections 141.931 to 141.942 of the Michigan
Compiled
Laws.1980 PA 243, MCL 141.931
to 141.942.
(2) A loan made under subsection (1) shall comply with the
requirements
of the emergency municipal loan act, Act No. 243 of
the
Public Acts of 1980, with respect 1980
PA 243, MCL 141.931 to
141.942, relating to the terms, conditions, rate of interest, and
amount of the loan.
(3) Upon approval of a loan by the board and execution of a
note
of indebtedness to the this
state by an authorized
representative of the municipality, including, but not limited to,
an emergency manager for the municipality if the municipality is in
receivership under the local government and school district fiscal
accountability act, 2011 PA 4, MCL 141.1501 to 141.1531, a
successor statute, or, if the local government and school district
fiscal accountability act, 2011 PA 4, MCL 141.1501 to 141.1531, is
repealed or otherwise not effective and former 1990 PA 72 is
reenacted or otherwise again in effect or applicable, an emergency
financial manager for the municipality if the municipality has a
financial emergency under former 1990 PA 72, the state treasurer
shall issue a warrant to the municipality in an amount equal to the
amount of the loan.
(4)
The For fiscal years
beginning before October 1, 2011, the
total amount of loans made from surplus funds pursuant to this
section in any 1 fiscal year shall not exceed $5,000,000.00 plus
the amount of any loans authorized by section 3(2) of the emergency
municipal
loan act, Act No. 243 of the Public Acts of 1980, being
section
141.933 of the Michigan Compiled Laws.1980 PA 243, MCL
141.933. For fiscal years beginning October 1, 2011 and ending
September 30, 2018, the total amount of loans made from surplus
funds pursuant to this section shall not exceed $100,000,000.00
plus the amount of loans authorized by section 3(2) of the
emergency municipal loan act, 1980 PA 243, MCL 141.933. For fiscal
years beginning after September 30, 2018, the total amount of loans
made from surplus funds pursuant to this section shall not exceed
$15,000,000.00 plus the amount of loans authorized by section 3(2)
of the emergency municipal loan act, 1980 PA 243, MCL 141.933.
(5) The state treasurer may sell, assign, transfer, or
repurchase loans made from surplus funds under this section or from
the proceeds of the sale, assignment, or transfer of a loan under
section 6a of the emergency municipal loan act, 1980 PA 243, MCL
141.936a. The state treasurer shall use surplus funds to repurchase
a loan under this subsection.
(6) (5)
As used in this section,
"board" means the local
emergency financial assistance loan board created pursuant to the
emergency
municipal loan act, Act No. 243 of the Public Acts of
1980.1980 PA 243, MCL 141.931 to 141.942.
Enacting section 1. This amendatory act does not take effect
unless all of the following bills of the 96th Legislature are
enacted into law:
(a) Senate Bill No.____ or House Bill No. 5567(request no.
05368'12 *).
(b) Senate Bill No.____ or House Bill No. 5568(request no.
05369'12 *).
(c) Senate Bill No.____ or House Bill No. 5570(request no.
05384'12 *).
(d) Senate Bill No.____ or House Bill No. 5566(request no.
04142'11 *).