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MI HB5645
Bill
Status
5/11/2016
Primary Sponsor
Peter Lucido
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AI Summary
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Amends the Michigan Revised School Code to add Section 429 requiring first class school districts that receive state general obligation bonds under the Michigan First Class School District Bond Authorization Act to repay interest costs to the state from operating funds.
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First class school districts must annually pay the state an amount equal to the interest on bonds issued by the state to cover the district's bonded debt.
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The state treasurer determines the payment amount and prescribes the form and manner of payment to the state.
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Takes effect 90 days after enactment.
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Bill is contingent on passage of House Bill 5644 or a Senate bill to become effective.
Legislative Description
Education; financing; compensation to this state for interest payments on certain debt obligations issued by the state; require certain school districts to pay. Amends 1976 PA 451 (MCL 380.1 - 380.1852) by adding sec. 429. TIE BAR WITH: HB 5644'16
State agencies (existing): education
Last Action
Bill Electronically Reproduced 05/11/2016
5/12/2016