Sec. 16a.
The authority shall establish a state water pollution control revolving fund that complies with the requirements and objectives of the federal water pollution control act. The authority may fund the state water pollution control revolving fund through federal grants, revenues of the authority, or through any other means permitted under the federal water pollution control act and the rules promulgated under that act. The authority may provide assistance as that term is defined in the state clean water assistance act to a governmental unit for a project with proceeds of the state water pollution control revolving fund. If the assistance is in the form of a loan, the loan shall be made through a loan agreement in which a governmental unit agrees to make loan repayments to the authority or through the purchase or refinancing of municipal obligations in fully marketable form. Loan agreements with governmental units shall contain appropriate provisions relating to maturity or length of loan, repayment terms, state or local funding requirements, and other provisions as are necessary to comply with the provisions of the federal water pollution control act and any agreements entered into with the federal government for implementation of the federal water pollution control act. Projects eligible for assistance from the state water pollution control revolving fund shall be determined pursuant to the state clean water assistance act. The maximum amount of any municipal obligation purchased with proceeds of the state water pollution control revolving fund and the maximum interest rate on a loan or municipal obligation shall be determined pursuant to the state clean water assistance act.
History: Add. 1988, Act 316, Eff. Sept. 1, 1988
Structure Michigan Compiled Laws
Chapter 141 - Municipal Financing
Act 227 of 1985 - Shared Credit Rating Act (141.1051 - 141.1078)
Section 141.1051 - Legislative Findings and Declarations.
Section 141.1052 - Short Title.
Section 141.1053 - Definitions.
Section 141.1054 - Michigan Municipal Bond Authority; Created; Powers; Funds.
Section 141.1057 - Powers of Board Generally.
Section 141.1060 - Retirement, Funding, or Refunding of Notes.
Section 141.1061 - Bonds or Notes to Refund Bonds or Notes.
Section 141.1062 - Security Transactions; Authorization and Approval.
Section 141.1065a - Repealed. 1990, Act 281, Imd. Eff. Dec. 13, 1990.
Section 141.1066 - Reserve Funds.
Section 141.1066b - State Drinking Water Revolving Fund.
Section 141.1066c - School Loan Revolving Fund.
Section 141.1066d - Grant Agreements Entered Under MCL 324.5204a.
Section 141.1067 - Default or Noncompliance by Authority.
Section 141.1068 - Liability on Bonds or Notes.
Section 141.1069 - Purchasing, Holding, Canceling, or Reselling Bonds or Notes of Authority.
Section 141.1070 - State Pledge to and Agreement With Holders of Bonds or Notes.
Section 141.1073 - Municipal Obligations Generally.
Section 141.1075 - Construction of Act.
Section 141.1076 - Severability.
Section 141.1077 - Repealed. 2000, Act 416, Imd. Eff. Jan. 8, 2001.
Section 141.1078 - Repealed. 1996, Act 241, Imd. Eff. June 10, 1996.