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MI HB5349
Bill
Status
12/12/2017
Primary Sponsor
Jeffrey Yaroch
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AI Summary
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Increases loan authorization limits under the Emergency Municipal Loan Act for fiscal years after September 30, 2018 from $5,000,000 to $10,000,000 per year, with individual municipality loans capped at $4,000,000.
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Expands references to include "financial management teams" alongside emergency managers in provisions governing municipalities receiving emergency loans, particularly in receivership under the Local Financial Stability and Choice Act.
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Allows school districts to restructure loan payment schedules (not principal or interest) after September 30, 2012 if they meet specified compliance conditions including adherence to foundation allowance requirements.
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Requires municipalities receiving emergency loans to employ a full-time professional administrator or contract with a municipal finance expert, or allows an emergency manager or financial management team to fulfill this role.
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Takes effect 90 days after enactment and is contingent upon enactment of House Bill 5337.
Legislative Description
Local government; financing; reference to emergency managers in the emergency municipal loan act; modify to include reference to financial management teams. Amends secs. 3 & 7 of 1980 PA 243 (MCL 141.933 & 141.937). TIE BAR WITH: HB 5337'17
Local government: financing
Last Action
Bill Electronically Reproduced 12/12/2017
12/13/2017