HB 5749 Summary

• Expands the definition of "municipality" under the Emergency Municipal Loan Act to permanently include school districts, removing the previous time-limited provision (October 1, 2011 to September 30, 2018).

• Increases total loan authorization from previous limits to $148,000,000.00 across all municipalities and school districts combined.

• Removes time-limited loan provisions and replaces them with permanent authorization allowing the board to issue loans to counties, cities, villages, townships, and school districts.

• Modifies Section 3(1) to establish a single, unified loan authorization cap of $148,000,000.00 instead of separate time-period-specific limits.

• Retains existing conditions for loan restructuring after September 30, 2012, including requirements for municipal compliance with deficit elimination plans and applicable statutory requirements.