Michigan Laws 324.5203 – Loan application by municipality; process; agreement; disposition of money received as repayment

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Authority: means the Michigan municipal bond authority created in section 4 of the shared credit rating act, 1985 PA 227, MCL 141. See Michigan Laws 324.5201
Department: means the department of environmental quality. See Michigan Laws 324.5201
Fund: means the strategic water quality initiatives fund created in section 5204. See Michigan Laws 324.5201
Loan: means a loan from the loan program. See Michigan Laws 324.5201
Municipality: means that term as it is defined in section 5301. See Michigan Laws 324.5201
state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o

(1) A municipality that wishes to apply for a loan shall submit a loan application to the department as follows:

(a) In compliance with the application requirements provided in part 53, for activities described in section 5202(1)(a) or (b).

(b) On a form approved by the department, for activities described in section 5202(1)(c) or (d).

(2) The department shall process the loan applications submitted under this part.

(3) Prior to releasing a loan, the authority in consultation with the department shall enter into a loan agreement with the loan recipient.

(4) All money that is received for the repayment of a loan shall be forwarded to the state treasurer for deposit into the fund.