MI HB5550

Amends Michigan law to allow municipalities to issue refunding securities for outstanding variable interest rate securities using current fixed interest rates or rates available when originally issued, as determined by the department.

Permits municipalities to obtain exceptions from net present value requirements for refunding securities through department procedures if a reasonable basis exists, including state/federal agency requirements, covenant elimination, or default avoidance.

Allows municipalities to issue refunding securities before December 31, 2012 for unsecured outstanding securities with department approval, requiring a public hearing with at least 30 days' notice published in local newspapers.

Requires the department to approve or deny refunding requests within 90 days; requests are deemed approved if the department fails to act within this timeframe.

Takes effect immediately upon approval by the Governor on December 21, 2010.