MI SB0978

Authorizes the state treasurer to make loans from surplus funds to eligible municipalities approved under the Emergency Municipal Loan Act (1980 PA 243).

Loans must comply with Emergency Municipal Loan Act requirements regarding terms, conditions, interest rates, and amounts.

Sets loan limits of $5,000,000 per fiscal year before October 1, 2011, and $10,000,000 per fiscal year after September 30, 2018, with no single municipality receiving more than $4,000,000 in one fiscal year.

For the period October 1, 2011 through September 30, 2018, allows surplus fund loans to municipalities other than school districts and to school districts in amounts authorized under the Emergency Municipal Loan Act.

Permits the state treasurer to sell, assign, transfer, or repurchase loans made from surplus funds and use surplus funds to repurchase loans under these provisions.