Local Emergency Financial Assistance Loan Board

Thursday, September 16, 2021 at 2:00 PM

Richard H. Austin Building

State Treasurers' Board Room, 1st Floor SE 430 West Allegan Street

Lansing, Michigan 48922

Agenda

A. Call to Order

B. Approval of Minutes

1. Approval of Local Emergency Financial Assistance Loan Board (ELB) minutes

   a. October 22, 2019 Special Meeting Minutes

C. Public Comment

D. New Business

1. Designation for certain persons to give notice of meetings

   a. Designates certain Treasury staff to post Board meeting notices under the Open Meetings Act.

   i. ELB Order 2021-1

   ii. Approval of Designations

    

2. Public comment period

   a. Adopts a Board policy to allow each person up to two minutes to address the meeting.

   i. ELB Order 2021-2

   ii. Approval of Policy Governing Public Comments

    

3. Emergency Loan Fixed Interest Rate Reduction

   a. Reduce interest rates on 17 emergency loans.

   b. ELB Order 2021-3

   i. Approval of Interest Rate Reductions

   ii. Denial of Interest Rate Reductions

    

4. Restructured Emergency Loan Requests from the Pontiac School District

   a. Restructure April 9, 2018, Second Amended and Restated Emergency Loan Note 2013-14 Series I $10,000,000 and April 9, 2018 Amended and Restated Emergency Loan Note 2014-15 Series I $9,995,000

   b. ELB Order 2021-4

   i. Approval of Restructured Emergency Loan 2013-14 Series I $10,000,000

   ii. Denial of Restructured Emergency Loan 2013-14 Series I $10,000,000

    

   c.  ELB Order 2021-5

   i. Approval of Restructured Emergency Loan 2014-15 Series I $9,995,000

   ii. Denial of Restructured Emergency Loan 2014-15 Series I $9,995,000

    

E. Adjournment