HB 6045 Summary

• State treasurer authorized to allocate and reallocate federal bond limitations for qualified school construction bonds, recovery zone economic development bonds, and recovery zone facility bonds before January 1, 2011.

• Municipalities or other entities can prevent deemed waiver of allocated bonds before July 1, 2010 by adopting a resolution describing the project and providing communications from nationally recognized bond counsel attesting to project viability.

• Beginning September 1, 2010, unused bond allocations may be deemed waived and reallocated to other municipalities or entities if the original recipient has not issued bonds and other entities have demonstrated need for additional bond authority.

• State treasurer must prioritize reallocations to regions with original allocations and must not allocate bonds for projects benefiting individuals with felony convictions that materially impact their project participation.

• Prior allocations made by the Michigan Department of Education, Department of Energy, Labor, and Economic Growth, or State Treasurer are ratified and confirmed.