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MI HB5750

Bill

Official Source

Status

Introduced

6/9/2016

Primary Sponsor

Alton Pscholka

Click for details

Origin

House of Representatives

98th Legislature

AI Summary

HB 5750 Summary

  • State treasurer may make loans from surplus funds to eligible municipalities approved under the Emergency Municipal Loan Act of 1980 (PA 243).

  • Loan terms must comply with 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 cannot exceed $5,000,000 plus authorized emergency loans; for fiscal years after September 30, 2018, limit increases to $10,000,000 with no single municipality loan exceeding $4,000,000 annually.

  • State treasurer may sell, assign, transfer, or repurchase loans made under this section and may use surplus funds to repurchase loans.

  • Bill takes effect only if Senate Bill No. ____ or House Bill No. 5749 is enacted into law.

Legislative Description

Local government; financing; amount of loans made from surplus funds; modify. Amends sec. 1 of 1855 PA 105 (MCL 21.141). TIE BAR WITH: HB 5749'16

Local government: financing

Last Action

Bill Electronically Reproduced 06/09/2016

7/13/2016

Committee Referrals

Appropriations6/9/2016

Full Bill Text

No bill text available