MI HB6088

Amends the definition of "municipal security" under the Revised Municipal Finance Act (2001 PA 34) to exclude seven categories of financial instruments and arrangements.

Excludes contracts for purchase or lease of real or personal property, and any related contracts, leases, notes, or securities connected to such transactions.

Excludes emergency loans under 1855 PA 105 and qualified agricultural loans, as well as mortgages secured by real property to the extent they are secured by the mortgage.

Excludes inter-municipal contracts where municipalities pledge revenues or full faith and credit to secure payment of municipal securities issued by another municipality.

Takes effect 90 days after enactment, contingent upon House Bill No. 6087 of the 99th Legislature also being enacted into law.