MI HB5697

Community college districts may authorize and issue new jobs training revenue bonds to finance job training programs, with bonds maturing no later than 20 years from issuance and bearing fixed, variable, or combined interest rates.

Bond resolutions may pledge district fees, assets, reserves, and limited tax full faith and credit as security, and may include provisions for trustees, insurance contracts, lines of credit, and other protective measures for bondholders.

Bonds issued under this authority are exempt from the revised municipal finance act except for maximum interest rate limits, and are not counted toward the district's debt limit.

Community college districts may refund outstanding bonds by issuing refunding bonds in equal or greater principal amounts to cover redemption premiums, accrued interest, and issuance costs.

Community college districts are prohibited from authorizing, issuing, or selling new jobs training revenue bonds after December 31, 2023.