Michigan § 141.1555 Sale of asset worth more than $50,000.00; payment of benefit upon death of police officer or firefighter.

Michigan Statutes

§ 141.1555 — Sale of asset worth more than $50,000.00; payment of benefit upon death of police officer or firefighter.

Michigan § 141.1555

Ch. 141MUNICIPAL FINANCING

Act 436 of 2012LOCAL FINANCIAL STABILITY AND CHOICE ACT (141.1541-141.1575)

This text of Michigan § 141.1555 (Sale of asset worth more than $50,000.00; payment of benefit upon death of police officer or firefighter.) is published on Counsel Stack Legal Research, covering Michigan primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mich. Comp. Laws § 141.1555 (2026).

Text

LOCAL FINANCIAL STABILITY AND CHOICE ACT (EXCERPT) Act 436 of 2012 141.1555 Sale of asset worth more than $50,000.00; payment of benefit upon death of police officer or firefighter. Sec. 15.

(1)Unless the potential sale and value of an asset is included in the emergency manager's financial and operating plan, the emergency manager shall not sell an asset of the local government valued at more than $50,000.00 without the state treasurer's approval.

(2)A provision of an existing collective bargaining agreement that authorizes the payment of a benefit upon the death of a police officer or firefighter that occurs in the line of duty shall not be impaired and is not subject to any provision of this act authorizing an emergency manager to reject, modify, or terminate 1 or more terms of an exis

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LOCAL FINANCIAL STABILITY AND CHOICE ACT (EXCERPT) Act 436 of 2012 141.1555 Sale of asset worth more than $50,000.00; payment of benefit upon death of police officer or firefighter. Sec. 15. (1) Unless the potential sale and value of an asset is included in the emergency manager's financial and operating plan, the emergency manager shall not sell an asset of the local government valued at more than $50,000.00 without the state treasurer's approval. (2) A provision of an existing collective bargaining agreement that authorizes the payment of a benefit upon the death of a police officer or firefighter that occurs in the line of duty shall not be impaired and is not subject to any provision of this act authorizing an emergency manager to reject, modify, or terminate 1 or more terms of an existing collective bargaining agreement.

Legislative History

2012, Act 436 , Eff. Mar. 28, 2013 Compiler's Notes: Enacting section 2 of Act 436 of 2012 provides:"Enacting section 2. It is the intent of the legislature that this act function and be interpreted as a successor statute to former 1988 PA 101, former 1990 PA 72, and former 2011 PA 4, and that whenever possible a reference to former 1988 PA 101, former 1990 PA 72, or former 2011 PA 4, under other laws of this state or to a function or responsibility of an emergency financial manager or emergency manager under former 1988 PA 101, former 1990 PA 72, or former 2011 PA 4, under other laws of this state shall function and be interpreted to reference to this act, with the other laws of this state referencing former 1988 PA 101, former 1990 PA 72, or former 2011 PA 4, including, but not limited to, all of the following: (a) The charter township act, 1947 PA 359, MCL 42.1 to 42.34. (b) 1966 PA 293, MCL 45.501 to 45.521. (c) 1851 PA 156, MCL 46.1 to 46.32. (d) The general law village act, 1895 PA 3, MCL 61.1 to 74.25. (e) The home rule village act, 1909 PA 278, MCL 78.1 to 78.28. (f) The fourth class city act, 1895 PA 215, MCL 81.1 to 113.20. (g) The home rule city act, 1909 PA 279, MCL 117.1 to 117.38. (h) The metropolitan transportation authorities act of 1967, 1967 PA 204, MCL 124.401 to 124.426. (i) 1947 PA 336, MCL 423.201 to 423.217."