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MI HB5330
Bill
Status
1/31/2012
Primary Sponsor
Jon Bumstead
Click for details
AI Summary
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Allows the board to employ a director and establishes that the board sets the director's compensation, with the director serving at the board's pleasure.
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Prohibits board members from serving as director and requires the director to take a constitutional oath and furnish a bond before beginning duties.
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Changes the administrative cost limit from a percentage of the proposed annual budget to not more than 15% of state education tax revenue captured by the authority in its first fiscal year of receiving such revenue.
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Requires the authority board to submit its budget to the governing body for approval, unless the eligible entity is a local school district with fewer than 1,000 pupils, which may adopt a budget without governing body approval.
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Clarifies that the authority's budget shall not include any money from the eligible entity unless authorized by the governing body.
Legislative Description
Higher education; financial aid; use of revenues of promise zone authorities for administrative costs; clarify, and revise budget approval process for certain authorities. Amends secs. 11 & 15 of 2008 PA 549 (MCL 390.1671 & 390.1675).
State agencies (existing), treasury
Last Action
Referred To Committee On Economic Development
12/6/2012