Michigan Compiled Laws
451-1994-II-6-195 - Part 195 Environmental Protection Bond Implementation (324.19501...324.19513)
Section 324.19509 - Grant and Loan Programs; Rules; Maximum Participation; Considerations in Making Grant or Loan; Interest; Grant Projects Under MCL 324.19508(1)(a); Applicability.

Sec. 19509.
(1) The department shall promulgate rules necessary to implement grant and loan programs provided in this part.
(2) The department shall assure maximum participation by local units of government and by private entities by promulgating rules that provide for a grant or loan program, where appropriate. In determining whether a grant or a loan program is appropriate, the department shall consider whether the project is likely to be undertaken without state assistance; the availability of state funds from other sources; the degree of private sector participation in the type of project under consideration; the extent of the need for the project as a demonstration project; and such other factors considered important by the department.
(3) Prior to making a grant or loan authorized by this part, the department shall consider the extent to which the making of the grant or loan contributes to the achievement of a balanced distribution of grants and loans throughout the state.
(4) The department shall provide in rules promulgated under this part that loans that are issued by the department to private entities shall include an interest charge of not less than 5% per year.
(5) Notwithstanding any other provision of this section, for grant projects considered for funding under section 19508(1)(a) on or after the effective date of the 2016 amendatory act that amended this section, subsections (1) to (4) do not apply and the department shall apply the criteria used for projects funded under section 19611.
(6) Neither this section nor section 19510 apply to loans from the state water pollution control revolving fund.
History: Add. 1995, Act 60, Imd. Eff. May 24, 1995 ;-- Am. 2016, Act 474, Eff. Apr. 5, 2017 Popular Name: Act 451Popular Name: NREPA

Structure Michigan Compiled Laws