Michigan Laws 324.5311 – Order of approval; certification of eligibility; establishment of interest rates
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 324.5311
- Assistance: means 1 or more of the following activities to the extent authorized by the federal water pollution control act:
(i) Provision of loans to municipalities for construction of sewage treatment works projects, stormwater management projects, or nonpoint source projects. See Michigan Laws 324.5301Authority: means the Michigan municipal bond authority created in the shared credit rating act, 1985 PA 227, MCL 141. See Michigan Laws 324.5301 Department: means the director of the department of natural resources or his or her designee to whom the director delegates a power or duty by written instrument. See Michigan Laws 324.301 Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Fundable range: means those projects, taken in descending order on the priority lists, for which sufficient funds are estimated by the department to exist to provide assistance at the beginning of each annual funding cycle. See Michigan Laws 324.5301 Municipality: means a city, village, county, township, authority, or other public body, including either of the following:
(i) An intermunicipal agency of 2 or more municipalities, authorized or created under state law. See Michigan Laws 324.5301Project: means a sewage treatment works project, stormwater management project, or nonpoint source project, or a combination of these and may include utilization of more efficient energy and resources as described in any of the following:
(i) The cost-effective governmental energy use act, 2012 PA 625, MCL 18. See Michigan Laws 324.5301state: 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) The department shall review a complete application for assistance for a project in the fundable range. If the department approves the application for assistance, the department shall issue, subject to section 5310, an order of approval to establish the specific terms of the assistance. The order of approval must include, but is not limited to, all of the following:
(a) The term of the assistance.
(b) The maximum principal amount of the assistance.
(c) The maximum rate of interest or method of calculation of the rate of interest that will be used, or the premium charged.
(2) The order of approval must incorporate all requirements, provisions, or information included in the application and other documents submitted to the department during the application process.
(3) After issuance of the order, the department shall certify to the authority that the municipality is eligible to receive assistance.
(4) The department shall annually establish the interest rates to be assessed for projects receiving assistance under this part. In establishing interest rates under this section, the department may provide for a different level of subsidy. The interest rates must be in effect for loans made during the next state fiscal year.