MI SB0070

Removes the December 31, 2018 sunset date that previously prohibited community colleges from authorizing, issuing, or selling new jobs training revenue bonds after that date.

Allows community college districts to issue new jobs training revenue bonds in anticipation of payments from new jobs credit from withholding agreements, with bonds maturing up to 20 years from issuance.

Authorizes community college boards to pledge new jobs credit withholding receipts as a statutory first lien (subject only to previously created liens) and may also pledge limited tax full faith and credit as additional security.

Exempts bonds issued under this section from most requirements of the Revised Municipal Finance Act (2001 PA 34), except for maximum interest rate limits under MCL 141.2305, and subjects them to the Agency Financing Reporting Act (2002 PA 470).

Requires this bill to take effect only if both Senate Bill 69 and Senate Bill 71 of the 98th Legislature are enacted into law.