Loading chat...
MI HB5099
Bill
Status
10/23/2013
Primary Sponsor
Roger Victory
Click for details
AI Summary
-
Amends the School Bond Qualification, Approval, and Loan Act (2005 PA 92) by modifying Section 7 regarding state treasurer qualification of school district bonds.
-
Removes the requirement that school districts demonstrate they will repay all outstanding qualified bonds, proposed qualified bonds, outstanding qualified loans, and expected qualified loans by the applicable final mandatory repayment date.
-
Streamlines refunding bond qualification by requiring only that refunding bonds comply with the Revised Municipal Finance Act (2001 PA 34), eliminating the debt repayment timeline verification previously mandated.
-
Maintains existing qualification requirements including voter approval, compliance with school code and municipal finance act, weighted average maturity limits, and recordkeeping obligations for bond proceeds.
Legislative Description
State financing and management; bonds; qualification of refunding bonds; revise for schools that will not meet their final mandatory repayment date. Amends sec. 7 of 2005 PA 92 (MCL 388.1927).
Education, school districts
Last Action
Printed Bill Filed 10/24/2013
10/24/2013