MI HB4331

Increases annual emergency loan authorization cap from $5,000,000 to $10,000,000 per state fiscal year for periods after September 30, 2018, with a per-municipality limit of $4,000,000 annually.

Maintains special loan authorization periods: $48,000,000 total for non-school district municipalities (max $20,000,000 per municipality) and $70,000,000 for school districts (max $20,000,000 per district) from October 1, 2011 through September 30, 2018.

Authorizes the Local Emergency Financial Assistance Loan Board to restructure loan payment schedules (not principal or interest amounts) for compliant municipalities after September 30, 2012, subject to multiple conditions including deficit elimination plan compliance.

Requires municipalities receiving loans to employ a full-time professional administrator or contract for municipal finance expertise and submit quarterly financial reports, semiannual performance evaluations, and budget documents to the board.

Effective date is July 7, 2015, contingent upon enactment of HB 4325 and HB 4326.