MI HB5688

Creates the Municipal Lighting Authority Act, allowing cities with populations over 600,000 to incorporate lighting authorities to acquire, construct, operate, and maintain municipal lighting systems.

Establishes a 5-member board of directors appointed by the city mayor and governing body, with requirements that at least one member be a licensed engineer, one a certified public accountant or financial expert, and one an attorney.

Authorizes authorities to issue revenue bonds up to 5% of the local government's total state equalized property valuation, with bonds maturing within 30 years and sold to the Michigan Finance Authority.

Permits the local government to enter into contracts with the authority and pledge revenues from the city utility users tax to repay bonds, with an annual debt service cap of $12,500,000.

Requires authorities to adopt best value procurement practices, maintain public records, conduct annual audits, and submit monthly progress reports to the city and annual reports to state legislative committees.