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MI SB1239
Bill
AI Summary
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Amends the Public School Code to expand borrowing powers for strict discipline academies by removing restrictions on bond issuance under section 1351a(4) and section 1351(2)-(4).
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Allows strict discipline academies to issue bonds as full faith and credit obligations pledging general funds or other available money for operational purposes.
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Subjects strict discipline academy bond issuance to the revised municipal finance act (2001 PA 34, MCL 141.2101 to 141.2821) while providing exemptions from certain state restrictions.
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Effective date: March 28, 2013.
Legislative Description
Education; financing; strict discipline academy access to long-term borrowing abilities; provide for. Amends secs. 1311b & 1311h of 1976 PA 451 (MCL 380.1311b & 380.1311h).
Education, public school academies
Last Action
Assigned Pa 0620'12
12/31/2012