(1) The total combined authorized credit limit of all credit cards issued by a local unit shall not exceed 5% of the total budget of the local unit for the current fiscal year.
  (2) The governing body of a local unit may include in its budget and pay the balance due on any credit cards, including the annual fee and interest.

Terms Used In Michigan Laws 129.244

  • Budget: means a plan of financial operation for a given period of time, including an estimate of all proposed expenditures from the funds of a local unit and the proposed means of financing the expenditures. See Michigan Laws 129.241
  • 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.
  • Governing body: means any of the following:
  (i) The council, commission, or other entity vested with the legislative power of a village. See Michigan Laws 129.241
  • Local unit: means any of the following:
    •   (i) A village. See Michigan Laws 129.241
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