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MI HB6274
Bill
Status
Introduced
6/22/2010
Primary Sponsor
Bettie Scott
Click for details
AI Summary
- Applies to cities with population greater than 700,000 that have one or more retirement systems for employees, including police and fire employees
- Allows retirement systems to make up to 20% of their assets available to the municipality for bond issuance upon receipt of an acceptable proposal
- Bonds issued through this mechanism may carry a discounted interest rate
- Amends the Home Rule City Act (1909 PA 279) by adding Section 4s
- Introduced June 22, 2010 by Rep. Bettie Scott and referred to the Committee on Banking and Financial Services
Legislative Description
Retirement; investments; investment of municipal pension funds into loans or issuance of bonds to provide as operating capital for certain core services; provide for. Amends 1909 PA 279 (MCL 117.1 - 117.38) by adding sec. 4s.
Retirement, investments
Last Action
Printed Bill Filed 06/23/2010
6/23/2010
Committee Referrals
Banking And Financial Services6/22/2010
Full Bill Text
No bill text available