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MI SB0314
Bill
Status
5/9/2019
Primary Sponsor
Betty Jean Alexander
Click for details
AI Summary
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Amends the Local Financial Stability and Choice Act to modify emergency manager authority regarding municipal and school district obligations issued during receivership.
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For obligations approved before the amendment's effective date, the state shall pay, assume, or refund the remaining obligation amount upon receivership termination.
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For obligations approved on or after the effective date, any approved obligations must be issued on behalf of and in the name of the state or a state department/agency rather than the local government.
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Adds requirement that emergency manager approval of municipal and school district obligations be subject to new sections 12a and 14a respectively.
Legislative Description
Local government; financing; responsibility for obligations issued with the approval of an emergency manager; modify. Amends secs. 12 & 14 of 2012 PA 436 (MCL 141.1552 & 141.1554) & adds secs. 12a & 14a.
Local government: financing
Last Action
Referred To Committee On Government Operations
5/9/2019