MI SB1324

State Treasurer shall allocate and reallocate federal bond limitations for qualified school construction bonds, recovery zone economic development bonds, recovery zone facility bonds, and qualified energy conservation bonds in accordance with federal law.

Beginning October 8, 2010, State Treasurer may treat up to 2/3 of allocated bond limitations as deemed waived unless the municipality or entity adopts a resolution and provides bond counsel communications attesting to project eligibility.

If federal law extends bond issuance deadlines, deemed waiver provisions apply 180 days before the extended deadline, with the same documentation requirements for municipalities to retain their allocations.

Municipalities or entities may reclaim deemed waived amounts by demonstrating a viable project to the State Treasurer, with priority given to reallocating voluntarily waived amounts before deemed waived amounts.

State Treasurer shall prioritize reallocation to projects in regions with original allocations reflecting consensus among original recipients; entities cannot issue bonds for projects benefiting felony-convicted persons if conviction materially impacts project participation.