Section 388.814 - Emergency loan; application; recommendation; warrant. - Michigan Statutes

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

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

388.814 Emergency loan; application; recommendation; warrant.

Sec. 4.

The board of a school district meeting the criteria of section 3 may apply to the department for an emergency loan. If, after review, the department finds that the school district meets the criteria of section 3, a recommendation for an emergency loan shall be submitted to the state treasurer, who shall draw warrants in favor of the treasurer of the school district for the amounts payable to the school district according to the recommendation and deliver the warrants to the treasurer of the school district. Warrants shall be in the amounts and payable at such times as the department and the state department of treasury jointly shall consider necessary through continuing review of the school district's budgetary position.

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