SB-0979 Summary

• Establishes the "Municipal Recovery and Development Authority Act" allowing cities with a governor-issued drinking water emergency declaration to create a municipal recovery and development authority to promote economic recovery and development.

• Authority is governed by an 11-member board appointed by the governor, state legislature leaders, local chief executive, governing body, and includes required seats for health professionals, civil engineers, certified public accountants, and education professionals.

• Authority may levy a property tax of up to 0.5 mills (subject to voter approval), issue revenue bonds and notes, receive grants and loans, and enter contracts to support local recovery and economic development efforts.

• Authority has a maximum 15-year lifespan from incorporation; must conduct public meetings, maintain monthly progress reports, and undergo annual independent audits complying with state accounting standards.

• Revenue bonds issued by the authority must be sold to the Michigan Finance Authority and are not subject to the Revised Municipal Finance Act or the Revenue Bond Act of 1933.