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MI SB1080
Bill
AI Summary
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Extends the maximum maturity date for bonds or notes issued by special assessment districts from an unspecified period to 40 years after original issuance.
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Allows special assessment districts established under the Natural Resources and Environmental Protection Act to issue bonds, notes, or lake level orders in anticipation of collecting special assessments.
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Requires all proceedings for making, levying, and collecting special assessments and issuing bonds to conform to the procedures outlined in Michigan's 1956 Drain Code.
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Permits a county board, by a 2/3 vote of its members, to pledge the county's full faith and credit to back bonds or notes issued by a special assessment district.
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Takes effect immediately upon enactment on October 16, 2020.
Legislative Description
Natural resources: inland lakes; length of time that bonds may be issued against the proceeds of special assessments for a lake level project; modify. Amends sec. 30705 of 1994 PA 451 (MCL 324.30705).
Natural resources: inland lakes
Last Action
Assigned Pa 0221'20 With Immediate Effect
10/21/2020