MI HB5970

Allows counties and units of government to enter into contracts for acquiring, constructing, and financing public improvements over periods not exceeding 40 years with annual installment payments.

Permits contracting units of government to pledge their full faith and credit to secure payment obligations outlined in improvement contracts.

Exempts improvement contracts from the Revised Municipal Finance Act (2001 PA 34).

Provides five methods for raising funds to pay for improvements: property taxes without rate limitations, special assessments, user rates and charges, state-derived tax revenue, and other valid funds.

Requires voter approval by majority of electors at a general or special election for special assessments that cover an entire contracting unit of government after December 31, 2009.