Sec. 4.
(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.
History: 1995, Act 266, Eff. July 8, 1996
Structure Michigan Compiled Laws
Act 266 of 1995 - Credit Card Transactions (129.241 - 129.247)
Section 129.241 - Definitions.
Section 129.242 - Credit Card Arrangement; Use of Credit Cards.
Section 129.243 - Adoption of Resolution; Written Policy; Provisions.
Section 129.246 - Validity of Credit Card Arrangement Before Effective Date of Act.