™Your Policy Risk Impact Agent
22 chapters · 116 sections in this title.
Mich. Comp. Laws § 129.241 Definitions.
3.0K chars
Sec. 1. As used in this act: (a) "Budget" means a plan of financial operation for a given period of time, including an estimate of all proposed expenditures from the funds of a local unit and the proposed means of financing the expenditures. As used in section 4(1), budget does n…
Mich. Comp. Laws § 129.242 Credit card arrangement; use of credit cards.
0.4K chars
Sec. 2. (1) Subject to sections 3 and 5, the governing body of a local unit may enter into a credit card arrangement. (2) A credit card arrangement or the use of credit cards under this act is not subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821,…
Mich. Comp. Laws § 129.243 Adoption of resolution; written policy; provisions.
2.6K chars
Sec. 3. A local unit shall not be a party to a credit card arrangement unless the governing body of the local unit has adopted by resolution a written policy that provides all of the following: (a) That an officer or employee designated by the credit card policy is responsible fo…
Mich. Comp. Laws § 129.244 Total combined authorized credit limit; limitation; payment of balance, annual fee, and interest.
0.3K chars
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…