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MI HB5348
Bill
Status
12/12/2017
Primary Sponsor
Jeffrey Yaroch
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AI Summary
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Authorizes the state treasurer to make loans from surplus state funds to eligible municipalities approved under the Emergency Municipal Loan Act (1980 PA 243).
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Loans must comply with all requirements of the Emergency Municipal Loan Act regarding terms, conditions, interest rates, and loan amounts.
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Expands authorized signatories for municipalities to include financial management teams in addition to emergency managers when municipalities are under receivership under the Local Financial Stability and Choice Act (2012 PA 436).
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Sets loan limits: $5 million annually before October 1, 2011; $10 million annually after September 30, 2018, with no single municipality receiving more than $4 million per fiscal year; includes separate authorization categories for school districts and other municipalities from October 1, 2011 through September 30, 2018.
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Takes effect 90 days after enactment and is contingent upon passage of HB 5337 or a Senate Bill.
Legislative Description
Local government; financing; reference to emergency managers in 1855 PA 105 regarding surplus funds in treasury; modify to include reference to financial management teams. Amends sec. 1 of 1855 PA 105 (MCL 21.141). TIE BAR WITH: HB 5337'17
Local government: financing
Last Action
Bill Electronically Reproduced 12/12/2017
12/13/2017