MI SB0583

Authorizes county treasurers to issue revenue notes secured by delinquent tax revenues from the county's delinquent tax revolving fund without requiring voter approval.

Notes may bear interest not exceeding 14.5% per annum, mature within 6 years, and have an aggregate principal amount not exceeding the delinquent tax revenues pledged plus up to 15% reserve fund and issuance costs.

Requires delinquent tax revenues to be kept separate from other county funds and establishes a statutory lien on delinquent taxes and delinquent tax system assets to secure note repayment.

Allows notes to be limited tax obligations or general obligation notes, with the latter backed by the county's full faith and credit and general funds if pledged delinquent taxes are insufficient.

Exempts notes issued under this section from the Revised Municipal Finance Act and permits county treasurers to refund, refinance, or reissue notes by order.