Michigan Expense Limitation Agreement

• Category: Corporations - Public
• State: Multi-State
• Control #: US-EG-9176
• Format: Word; Rich Text

Description

Expense Limitation Agreement between Garnder Lewis Investment Trust and Garnder Lewis Aset Management, Inc. dated February 28, 1999. 4 pages Michigan Expense Limitation Agreement is a legal contract that restricts or controls the amount of money that can be spent or allocated by an organization or government entity within the state of Michigan. This agreement serves as a mechanism to ensure fiscal responsibility and prudent financial management. The primary purpose of the Michigan Expense Limitation Agreement is to establish a cap on the expenditure of funds, discouraging unnecessary or excessive spending practices. It helps prevent budget deficits, overspending, and accumulation of debt, thus promoting financial stability and efficiency in governmental operations. There are different types of Michigan Expense Limitation Agreements, each catering to specific jurisdictions or entities within the state. Some common types include: 1. State Expense Limitation Agreement: This type of agreement applies to the state government of Michigan, imposing restrictions on its spending levels and ensuring adherence to a predefined budgetary framework. 2. County Expense Limitation Agreement: County governments in Michigan may enter into this agreement to establish expenditure limits for their respective jurisdictions. It helps counties maintain fiscal discipline and control over their financial activities. 3. Municipality Expense Limitation Agreement: Municipalities, such as cities, townships, and villages in Michigan, can adopt this agreement to control their expenditures and operate within prescribed financial boundaries, ensuring responsible financial management. 4. School District Expense Limitation Agreement: This agreement is designed for Michigan school districts, setting limits on their spending to ensure efficient allocation of resources while prioritizing educational needs. It helps reinforce accountability and fiscal prudence in the education sector. 5. Special District Expense Limitation Agreement: Special districts, including water, sewage, or park districts, can implement this agreement to restrict their expenditures and maintain financial stability while undertaking necessary operations and services. Michigan Expense Limitation Agreements typically include provisions specifying the maximum expenditure levels, reporting requirements, enforcement mechanisms, and procedures for obtaining exemptions or modifications in cases of emergencies or unforeseen circumstances. In conclusion, Michigan Expense Limitation Agreements are legal contracts that impose spending restrictions on various governmental entities within the state. They promote fiscal discipline, accountability, and efficient resource allocation. Different types of agreements cater to different jurisdictions, including state, county, municipality, school district, and special district levels.

Michigan Expense Limitation Agreement is a legal contract that restricts or controls the amount of money that can be spent or allocated by an organization or government entity within the state of Michigan. This agreement serves as a mechanism to ensure fiscal responsibility and prudent financial management. The primary purpose of the Michigan Expense Limitation Agreement is to establish a cap on the expenditure of funds, discouraging unnecessary or excessive spending practices. It helps prevent budget deficits, overspending, and accumulation of debt, thus promoting financial stability and efficiency in governmental operations. There are different types of Michigan Expense Limitation Agreements, each catering to specific jurisdictions or entities within the state. Some common types include: 1. State Expense Limitation Agreement: This type of agreement applies to the state government of Michigan, imposing restrictions on its spending levels and ensuring adherence to a predefined budgetary framework. 2. County Expense Limitation Agreement: County governments in Michigan may enter into this agreement to establish expenditure limits for their respective jurisdictions. It helps counties maintain fiscal discipline and control over their financial activities. 3. Municipality Expense Limitation Agreement: Municipalities, such as cities, townships, and villages in Michigan, can adopt this agreement to control their expenditures and operate within prescribed financial boundaries, ensuring responsible financial management. 4. School District Expense Limitation Agreement: This agreement is designed for Michigan school districts, setting limits on their spending to ensure efficient allocation of resources while prioritizing educational needs. It helps reinforce accountability and fiscal prudence in the education sector. 5. Special District Expense Limitation Agreement: Special districts, including water, sewage, or park districts, can implement this agreement to restrict their expenditures and maintain financial stability while undertaking necessary operations and services. Michigan Expense Limitation Agreements typically include provisions specifying the maximum expenditure levels, reporting requirements, enforcement mechanisms, and procedures for obtaining exemptions or modifications in cases of emergencies or unforeseen circumstances. In conclusion, Michigan Expense Limitation Agreements are legal contracts that impose spending restrictions on various governmental entities within the state. They promote fiscal discipline, accountability, and efficient resource allocation. Different types of agreements cater to different jurisdictions, including state, county, municipality, school district, and special district levels.