MI SB0592

Modifies calculation of net indebtedness for villages by allowing addition of assessed value equivalent based on state revenue sharing payments, eligible reimbursements under the Local Community Stabilization Authority Act, and specific tax revenues.

Department of Treasury must certify state revenue sharing amounts and Local Community Stabilization Authority reimbursements upon request, excluding amounts exceeding the village's qualified loss.

Includes tax revenues from specific levies under the Commercial Redevelopment Act and the 1974 tax act in the assessed value equivalent calculation.

Effective date is June 24, 2018, with the enacting section taking effect 90 days after enactment.

Maintains existing prohibitions on villages regarding charter submissions, special elections, salary changes for public officials, and minimum staffing requirements.