Section 388.813 - Emergency loan; eligibility criteria; certification; certified audit. - Michigan Statutes

EMERGENCY FINANCIAL ASSISTANCE FOR CERTAIN SCHOOL DISTRICTS (EXCERPT)
Act 26 of 1982

***** 388.813 THIS SECTION DOES NOT APPLY AFTER JUNE 30, 1994: See 388.829 *****

388.813 Emergency loan; eligibility criteria; certification; certified audit.

Sec. 3.

(1) When taxes levied for operating purposes against property constituting at least 30% of the valuation of a school district are delinquent and are delayed by bankruptcy proceedings, the school district shall be eligible for an emergency loan under this act.

(2) A school district which is eligible for an emergency loan based upon a certification by the department of treasury shall certify that the school district meets the criteria of subsection (1). The legislature may request the auditor general to undertake a certified audit in order to ascertain that the school district meets the criteria of subsection (1).

History: 1982, Act 26, Imd. Eff. Mar. 4, 1982