Michigan Laws 141.1642 – Dissolution; release of qualified city or qualified school district from oversight; qualified school district subject to emergency manager
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Terms Used In Michigan Laws 141.1642
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- commission: means a financial review commission created in section 4. See Michigan Laws 141.1633
- Oversight: Committee review of the activities of a Federal agency or program.
- Plan for adjustment: means the plan for the adjustment of debts of a qualified city approved and entered by a United States bankruptcy court under chapter 9 of title 11 of the United States Code, 11 USC 901 to 946. See Michigan Laws 141.1633
- Qualified city: means a city with a population of more than 600,000 that is subject to a plan for adjustment. See Michigan Laws 141.1633
- Qualified school district: means a school district with the same boundaries as a city with a population of 600,000 or more. See Michigan Laws 141.1633
- 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
- State treasurer: means the treasurer of this state or his or her designee who shall be designated by a written instrument signed by the state treasurer and maintained in a permanent file and whose signature shall have the same force and effect as the signature of the state treasurer for all purposes under this act. See Michigan Laws 141.1633
(1) Subject to subsections (2) and (3), if a commission has waived the requirements of section 6 and 7 under section 8 each year for the immediately preceding 10 consecutive fiscal years, and the plan for adjustment, if applicable, has expired, the commission shall, by resolution, dissolve itself. All property, funds, and assets of the commission, if any, shall be transferred to and vested in this state.
(2) The commission for a qualified school district shall not dissolve itself until the state treasurer certifies that all outstanding debts of that qualified school district are paid in full.
(3) If a commission is in place for both a qualified city and a qualified school district and the requirements of subsection (1) have been met for a qualified city or the requirements of subsections (1) and (2) have been met for a qualified school district, that qualified city or that qualified school district shall be released from oversight by the commission under this act.
(4) Notwithstanding any other provision of this act, if a qualified school district is subject to an emergency manager under the local financial stability and choice act, 2012 PA 436, MCL 141.1541 to 141.1575, then, for the period of time that the qualified school district is subject to an emergency manager, that qualified school district is not subject to oversight by the commission under this act.