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MI SB0740
Bill
Status
11/30/2021
Primary Sponsor
Kimberly LaSata
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AI Summary
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Extends the deadline for community college districts to authorize, issue, and sell new jobs training revenue bonds from December 31, 2023 to December 31, 2028.
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Changes mandatory language ("shall") to permissive language ("must") throughout the statute governing bond issuance and fund usage procedures.
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Maintains existing provisions allowing community college districts to issue bonds to finance new jobs training programs and secure bonds through pledges of revenue, assets, and limited tax full faith and credit.
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Preserves exemptions from debt limitations and the revised municipal finance act, subject only to maximum interest rate restrictions.
Legislative Description
Higher education: community colleges; authority to issue job training revenue bonds; extend sunset date. Amends sec. 164 of 1966 PA 331 (MCL 389.164).
Higher education: community colleges
Last Action
Referred To Committee Of The Whole With Substitute (s-1)
4/26/2022