MI SB0955

Increases total emergency loan cap for school districts from $50,000,000 to $100,000,000 during the period October 1, 2011 through September 30, 2018, while maintaining $20,000,000 limit per individual school district.

Increases total emergency loan cap for non-school district municipalities from $35,000,000 to $85,000,000 during the same period, with $20,000,000 limit per individual municipality.

Raises annual emergency loan authorization cap from $5,000,000 to $10,000,000 for fiscal years beginning after September 30, 2018, with individual municipality loans capped at $4,000,000 per year.

Removes requirement that board wait 30 days after law's effective date before authorizing loans and eliminates conditions requiring foundation allowance or revenue sharing comparisons for loan restructuring eligibility.

Updates references to replace local government and school district fiscal accountability act (2011 PA 4) with local financial stability and choice act (2012 PA 436) throughout the statute.