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MI HB5949
Bill
Status
11/12/2014
Primary Sponsor
Earl Poleski
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AI Summary
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Allows counties, cities, villages, and townships to issue municipal securities by governing body resolution (without voter approval) to pay for capital improvements or demolition of structures, provided debt service stays within legal tax limits.
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Requires municipalities to publish notice of intent to issue municipal securities in local newspapers at least 1/4 page in size, disclosing the maximum amount, purpose, payment source, and referendum rights.
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Permits registered electors to trigger a referendum by filing a petition signed by at least 10% of registered electors (or 15,000, whichever is less) within 45 days of notice publication; referendum approval requires majority vote.
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Limits municipal securities issued under this section to 5% of the state equalized valuation of property in that municipality.
Legislative Description
Local government; financing; issuance of municipal securities to cover cost of demolition for eligible abandoned properties; provide for. Amends sec. 517 of 2001 PA 34 (MCL 141.2517).
Local government, financing
Last Action
Printed Bill Filed 11/13/2014
11/13/2014