MI HB4529

Removes the December 31, 2015 sunset date, making permanent the authority for counties, cities, villages, and townships to issue municipal securities to fund unfunded pension liabilities and unfunded accrued health care liabilities without voter approval.

Requires municipalities to publish notice of intent to issue securities, prepare a comprehensive financial plan analyzing current and future obligations, and obtain approval from the state department before issuance.

Restricts issuance of securities to municipalities with a credit rating of AA or higher from at least one nationally recognized rating agency.

Requires municipalities issuing pension-related securities to covenant they will not rescind the cessation of accruals to defined benefit plans while the securities are outstanding, though they may reduce benefits for future years of service.

Allows municipalities to issue refunding securities to refinance existing pension and health care securities if the new security has the same or earlier final maturity date and the municipality maintains an AA or higher credit rating.