Section 388.828 - School emergency loan revolving fund; creation; purpose; warrant; transfer of repayments to general fund; appropriation. - Michigan Statutes

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

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

388.828 School emergency loan revolving fund; creation; purpose; warrant; transfer of repayments to general fund; appropriation.

Sec. 18.

(1) The school emergency loan revolving fund is created in the state treasury from which emergency loans shall be made to school districts as provided in this act. The state treasurer shall issue a warrant on the fund for the amount of the loan. The treasurer shall transfer repayments of the loan to the general fund.

(2) There is appropriated from the general fund to the school emergency loan revolving fund the sum of $2,200,000.00.

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