MI HB4332

State treasurer authorized to make loans from surplus funds to eligible municipalities approved under the emergency municipal loan act, 1980 PA 243.

Loans must comply with all requirements of the emergency municipal loan act regarding terms, conditions, interest rates, and loan amounts.

For state fiscal years before October 1, 2011, total annual loans limited to $5,000,000 plus authorized amounts; for fiscal years after September 30, 2018, limit increases to $10,000,000 with maximum $4,000,000 per municipality.

During October 1, 2011 through September 30, 2018, loans may be made to both non-school district municipalities and school districts under amounts authorized by the emergency municipal loan act.

State treasurer authorized to sell, assign, transfer, or repurchase loans made under this section using surplus funds.