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Michigan Compiled Laws, Chapter 324. Natural Resources and Environmental Protection § 324.5203

Current as of January 01, 2025 | Updated by Findlaw Staff

Sec. 5203. (1) A municipality that wishes to apply for a loan shall submit a loan application to the department as follows:

(a) In compliance with the application requirements provided in part 53,  1 for activities described in section 5202(1)(a) or (b). 2

(b) On a form approved by the department, for activities described in section 5202(1)(c) or (d).

(2) The department shall process the loan applications submitted under this part.

(3) Prior to releasing a loan, the authority in consultation with the department shall enter into a loan agreement with the loan recipient.

(4) All money that is received for the repayment of a loan shall be forwarded to the state treasurer for deposit into the fund.

1 M.C.L.A. § 324.5301 et seq.
2 M.C.L.A. § 324.5202.
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Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 324. Natural Resources and Environmental Protection § 324.5203 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-324-natural-resources-and-environmental-protection/mi-comp-laws-324-5203/

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