MI SB1427

Requires emergency financial managers for local government units to file semi-annual reports to the governor, senate majority leader, and house speaker, and post reports on the local unit's website.

Reports must include descriptions of expenditures of $10,000 or more with fund sources, contracts of $10,000 or more with contractor identity, loans of $10,000 or more with proposed use, new positions created or filled, eliminated positions, and the current written financial plan.

Reports must be submitted every 6 months beginning 6 months after the emergency financial manager's start date, on a date set by the local emergency financial assistance loan board for local units and the education financial emergency resolution board for school districts.

Creates identical reporting requirements for emergency financial managers appointed to school districts under section 41a.

Bill takes effect only if Senate Bill No. 1425 is enacted into law.