Michigan Laws 324.5202 – Strategic water quality initiatives loan program; establishment; purpose; asset management program; content; criteria; interest rate
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 324.5202
- Asset management program: means the program that identifies the desired level of service at the lowest life cycle cost for rehabilitating, repairing, or replacing the assets associated with a municipality's wastewater or storm water system. See Michigan Laws 324.5201
- 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
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Loan: means a loan from the loan program. See Michigan Laws 324.5201
- Loan program: means the strategic water quality initiatives loan program established under section 5202. See Michigan Laws 324.5201
- Municipality: means that term as it is defined in section 5301. See Michigan Laws 324.5201
(1) The authority in consultation with the department shall establish a strategic water quality initiatives loan program. This loan program shall provide low interest loans to municipalities to provide assistance for 1 or more of the following:
(a) Improvements to reduce or eliminate the amount of groundwater or storm water entering a sanitary sewer lead or a combined sewer lead.
(b) Upgrades or replacements of failing on-site septic systems that are adversely affecting public health or the environment, or both.
(c) Project costs of the municipality related to testing, demonstration, and construction activities as defined in section 5301(d) for innovative wastewater and storm water technologies approved by the department.
(d) Assistance for construction activities as defined in section 5301(d) designed to protect water quality, including improvements that are water or energy efficient, where feasible, when identified through an asset management program or a project identified in an approved storm water management plan.
(2) The department shall develop criteria specifying the content of an asset management program.
(3) In implementing the loan program, the department shall annually establish the interest rate that will be charged for loans.