MI HB6027

Changes the trigger for municipalities to call for tenders of defaulted bonds from "whenever" to "if" bonds remain in default for longer than 6 months with insufficient funds to pay principal or interest.

Requires municipalities to advertise the call for tenders of defaulted bonds at least once in a newspaper with general circulation in the municipality, published at least 10 days before the tender presentation deadline.

Beginning January 1, 2015, requires municipalities to provide "tier B public notice" of the call for tenders of bonds as defined in the local government public notice act, in addition to or instead of newspaper advertisement.

Updates statutory language by replacing archaic terms such as "said," "such," and "the state of Michigan" with modernized references like "the" and "this state."

Bill effectiveness is contingent on the enactment of House Bill No. 5560 or Senate Bill No. ____ (request no. 03796'13) of the 97th Legislature.