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MI HB4497
Bill
Status
7/14/2015
Primary Sponsor
Roger Victory
Click for details
AI Summary
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Amends the school bond qualification process under 2005 PA 92 to revise requirements the state treasurer must determine before qualifying school district bonds.
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Requires the weighted average maturity of qualified bond issues not exceed 120% of the average useful life of financed facilities, excluding land and site improvements, determined as of the later of bond issuance date or facility placement in service date.
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Requires school districts to maintain detailed books and records of qualified bond proceeds investment and expenditure, and submit requested information to the state treasurer within 5 business days or as specified.
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Extends the bond issuance deadline from the current timeframe to 180 days after the qualification order, with option to reapply if bonds are not issued within that period.
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Allows the state treasurer to qualify refunding bonds issued to refund qualified loans or qualified bonds if they comply with the revised municipal finance act.
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).
State financing and management: bonds
Last Action
Assigned Pa 97'15 With Immediate Effect
7/14/2015