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MI HB5771
Bill
Status
9/9/2014
Primary Sponsor
Amanda Price
Click for details
AI Summary
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Amends 1952 PA 175 to modify procedures for cities and villages borrowing money against future motor vehicle highway fund payments.
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Requires governing body approval by 2/3 majority of members-elect to borrow money under the act.
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Until January 1, 2015, resolution must be published once in a daily or weekly newspaper of general circulation; beginning January 1, 2015, notice must use tier C public notice as provided in the local government public notice act.
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Resolution must describe the project, estimated cost, bond amount, maximum interest rate, maturity dates, and bond form, and must contain an irrevocable appropriation for principal and interest payments from state highway fund money returned to the city or village.
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Takes effect only if House Bill No. 5560 of the 97th Legislature is enacted into law.
Legislative Description
Transportation; funds; public notice of resolution by city or village to borrow money in anticipation of future payments from highway fund; require as provided in the local government public notice act. Amends sec. 2 of 1952 PA 175 (MCL 247.702). TIE BAR WITH: HB 5560'14
Local government, other
Last Action
Printed Bill Filed 09/10/2014
9/10/2014