MI SB0821

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 Emergency Municipal Loan Act requirements regarding terms, conditions, interest rates, and loan amounts.

For fiscal years before October 1, 2011, annual loan limit is $5,000,000 plus amounts authorized by Emergency Municipal Loan Act section 3(2).

For fiscal years after September 30, 2018, annual loan limit increases to $10,000,000 plus amounts authorized by Emergency Municipal Loan Act section 3(2), with individual municipality caps of $4,000,000 per fiscal year.

State treasurer may sell, assign, transfer, or repurchase loans made under this section and must use surplus funds for loan repurchases; bill takes effect 90 days after enactment only if Senate Bill 822 is also enacted.