Section 141.935 - Maximum amount of loans; eligibility. - Michigan Statutes

EMERGENCY MUNICIPAL LOAN ACT (EXCERPT)
Act 243 of 1980

141.935 Maximum amount of loans; eligibility.

Sec. 5.

Except for a county subject to section 3(2), the board may authorize loans to any 1 municipality in an amount not to exceed $3,000,000.00 in any 1 fiscal year of the municipality. Except for a county subject to section 3(2), a municipality is not eligible to receive loans in more than 5 fiscal years in any 10-year period.

History: 1980, Act 243, Imd. Eff. July 24, 1980 ;-- Am. 1980, Act 324, Imd. Eff. Dec. 15, 1980 ;-- Am. 1987, Act 282, Eff. Apr. 11, 1988 ;-- Am. 2007, Act 198, Imd. Eff. Dec. 21, 2007