MI SB0154

Changes the reference in section 36a of the Home Rule City Act from the "local government fiscal responsibility act" to the "local government and school district fiscal accountability act."

Allows cities in financial emergency to issue financial recovery bonds in amounts exceeding limitations in the city charter or state law.

Subjects financial recovery bonds to terms and conditions approved by the local emergency financial assistance loan board created under the emergency municipal loan act.

Exempts financial recovery bonds from section 5(g) restrictions and the revised municipal finance act (2001 PA 34).

Maintains a cap that net indebtedness of a city cannot exceed 20% of the assessed value of the city, even with financial recovery bonds.

This bill takes effect only if Senate Bill No. 153 of the 96th Legislature is enacted into law.