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 credit cards, including the annual fee and interest.
Mich. Comp. Laws § 129.244
Total combined authorized credit limit; limitation; payment of balance, annual fee, and interest
1995, Act 266, Eff
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.