MI HB6005

Amends the Revised Municipal Finance Act to modify when municipalities can refund outstanding securities without meeting net present value savings requirements.

Extends the sunset date for municipalities to refund securities not secured by unlimited full faith and credit pledge from December 31, 2012 to December 31, 2015.

Requires municipalities seeking refunding exceptions to hold a public hearing with notice published in a newspaper at least 30 days before the hearing.

Grants the state department 90 days to approve or deny refunding requests, with approval deemed automatic if the department fails to respond within the 90-day period.

Department must provide written explanation if denying a refunding request and cannot unreasonably withhold approval.