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MI SB0590
Bill
AI Summary
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Amends the Charter Township Act to modify how net indebtedness is calculated for bonding purposes by allowing townships to add certain revenues to their assessed property value.
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Permits townships to include state revenue sharing payments under the Glenn Steil Act and eligible reimbursements from the Local Community Stabilization Authority Act when calculating their debt limit capacity.
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Excludes reimbursements under the Local Community Stabilization Authority Act that exceed a township's qualified loss from the calculation to prevent inflating debt capacity.
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Effective date is June 24, 2018, which is 90 days after the Governor's approval on March 26, 2018.
Legislative Description
Townships; charter; computation of net indebtedness; modify to include eligible reimbursements under the local community stabilization authority act. Amends sec. 14a of 1947 PA 359 (MCL 42.14a).
Townships: charter
Last Action
Assigned Pa 0086'18 With Immediate Effect
4/10/2018