{"id":1285,"date":"2012-07-18T16:13:00","date_gmt":"2012-07-18T21:13:00","guid":{"rendered":"\/advocacy\/inside208\/post\/Municipal-Loan-package-passes-Senate.aspx"},"modified":"2012-07-18T16:13:00","modified_gmt":"2012-07-18T21:13:00","slug":"municipal-loan-package-passes-senate","status":"publish","type":"post","link":"https:\/\/mml.org\/inside208\/2012\/07\/18\/municipal-loan-package-passes-senate\/","title":{"rendered":"Municipal Loan package passes Senate"},"content":{"rendered":"<p>This afternoon the Senate passed House  Bills  5566-5570, a package that  amends the Emergency Municipal Loan Act  to  include school districts  and amend the criteria for qualifying.<\/p>\n<p>The current statute does not allow school districts to qualify for    emergency loans. The legislation allows school districts to qualify.<\/p>\n<p>In addition it requires that a municipality have levied the maximum    number of mills it is authorized to levy as approved by the voters and    also one of the following new criteria: 1) have one or more delinquent    special assessments; 2) outstanding bonds, etc issued in anticipation  of   a contract with another local unit that has one or more delinquent    special assessments; 3) be in receivorship subject to PA 4of 2011; or  4)   a financial review by the Department of Treasury has indicated a    financial emergency exists.<\/p>\n<p>The Senate substitute allows a total of $85 million to be  allocated over   six years (the provision sunsets on September 30,  2018). A maximum of   $20 million may be given to any one municipality  or school district. The $85 million allows $50 million for school districts and $35 million to other municipalities. The   Department of Treasury must wait 30 days after  this legislation is   signed to authorize a new loan.<\/p>\n<p>One amendment added on the House floor would prohibit a community   from opting out under PA 152 if they want to be considered for a   municipal loan. The Senate committee removed this language at urging  from the League and Michigan Association of Counties. We&#8217;d like to thank  Senator Anderson for offering the amendment as well as those Senators  who supported it.<\/p>\n<p><em>Samantha Harkins works for the&nbsp;Michigan Municipal League handling                    municipal services and energy and technology issues.&nbsp;    She   can    be         reached   at 517-908-0306 or email  at <a href=\"mailto:sharkins@mml.org\">sharkins@mml.org<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This afternoon the Senate passed House Bills 5566-5570, a package that amends the Emergency Municipal Loan Act to include school districts and amend the criteria for qualifying. The current statute does not allow school districts to qualify for emergency loans. The legislation allows school districts to qualify. In addition it  [&#8230;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[22,26,27],"tags":[],"class_list":["post-1285","post","type-post","status-publish","format-standard","hentry","category-legislative-link-articles","category-municipal-finance","category-municipal-services","mml-onemagnify-plugin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Municipal Loan package passes Senate - Inside 208<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mml.org\/inside208\/2012\/07\/18\/municipal-loan-package-passes-senate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Municipal Loan package passes Senate - Inside 208\" \/>\n<meta property=\"og:description\" content=\"This afternoon the Senate passed House Bills 5566-5570, a package that amends the Emergency Municipal Loan Act to include school districts and amend the criteria for qualifying. 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