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MI SB0821
Bill
AI Summary
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Amends 1988 PA 57 to authorize emergency service authorities to issue negotiable bonds and notes for acquisition, construction, and furnishing of buildings, facilities, property, and equipment.
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Permits issuance of general obligation unlimited tax bonds upon approval by majority of electors in the authority's jurisdictional limits, with elections conducted according to Michigan election law.
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Allows issuance of limited tax bonds or notes by board resolution without voter approval.
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Restricts total borrowing to no more than 5% of state equalized valuation of taxable property within the authority's jurisdictional limits.
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Specifies that bonds issued are a debt of the authority, not the incorporating municipalities, and requires continued tax levy for previously approved bonds even if a municipality withdraws from the authority.
Legislative Description
Local government: intergovernmental affairs; emergency service authorities to purchase real or personal property under an installment purchase agreement; allow, and allow emergency service authorities to issue bonds or notes. Amends title & sec. 9 of 1988 PA 57 (MCL 124.609) & adds sec. 9a.
Local government: financing
Last Action
Assigned Pa 0102'22 With Immediate Effect
6/15/2022