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MI HB6255
Bill
Status
6/9/2010
Primary Sponsor
Bertram Johnson
Click for details
AI Summary
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Emergency financial manager must develop and have a written financial plan approved by the local emergency financial assistance loan board within 180 days of appointment, in consultation with the local government.
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For existing emergency financial managers on the effective date, they have 180 days from the effective date to develop and have the financial plan approved by the loan board.
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Financial plan must provide for conducting local government operations within available resources and ensure full payment of scheduled debt service on all bonds, notes, and other uncontested legal obligations.
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Emergency financial manager must regularly reexamine the financial plan and modify it to conform to any revised revenue estimates, in consultation with the local government.
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Emergency financial manager must make the financial plan public but does not require public approval before implementing the plan or any modifications to it.
Legislative Description
Local government; other; local government fiscal responsibility act; revise certain procedures for fiscal oversight of local governments. Amends sec. 20 of 1990 PA 72 (MCL 141.1220).
Local government, other
Last Action
Referred To Committee On Local, Urban And State Affairs
7/21/2010