MI SB0582

Allows county boards of commissioners to establish delinquent tax revolving funds (optionally designated as "100% tax payment funds") to collect delinquent taxes on behalf of taxing units and the state education tax.

Permits counties with delinquent tax revolving funds to borrow money and issue revenue notes secured by delinquent tax collections, with notes bearing interest not exceeding 14.5% per annum and maturing within 6 years.

Establishes that county treasurers act as collection agents holding delinquent tax funds in trust for local taxing units, with counties entitled to interest at 1% per month (or lower by resolution) on uncollected taxes, subject to a 5% cap on treasurer administration fees.

Adds section 87f allowing counties to elect to continue delinquent tax revolving funds under the revenue bond act of 1933, with delinquent tax revenue notes secured by a statutory lien on delinquent taxes and authorized note reserve funds not exceeding 15% of borrowing amounts.

Takes effect immediately upon the Governor's approval on April 12, 2016.