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MI HB4218
Bill
Status
3/17/2011
Primary Sponsor
Alton Pscholka
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AI Summary
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Allows cities experiencing financial emergencies under the local government and school district fiscal accountability act to issue financial recovery bonds exceeding charter or statutory debt limitations.
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Financial recovery bonds must comply with terms and conditions approved by the local emergency financial assistance loan board under the emergency municipal loan act.
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Exempts financial recovery bonds from section 5(g) restrictions but maintains a cap that city net indebtedness cannot exceed 20% of assessed value.
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Exempts financial recovery bonds from requirements of the revised municipal finance act (2001 PA 34).
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Effective date is conditional upon enactment of House Bill No. 4214 of the 96th Legislature; approved March 16, 2011.
Legislative Description
Cities; home rule; reference to local government and school district fiscal accountability act; provide for in the home rule city act. Amends sec. 36a of 1909 PA 279 (MCL 117.36a). TIE BAR WITH: HB 4214'11
Local government, other
Last Action
Assigned Pa 7'11 With Immediate Effect
3/17/2011