MI SB1055

Reduces population threshold for counties where municipal health facilities corporations can restructure as nonprofit corporations from 45,000-60,000 to 5,000-7,500 based on the most recent federal decennial census.

Extends the deadline for completing restructuring from June 30, 2018 to June 30, 2024.

Requires a restructuring plan that includes terms and conditions of the proposed restructuring and proposed articles of incorporation and bylaws compliant with the nonprofit act.

Specifies that a restructured corporation remains a continuation of the original entity, retains all liabilities and property rights, and is subject to the nonprofit act and existing municipal health facilities law.

Requires prior approval from the parent corporation's board of trustees, county/city/village government, and prohibits restructuring if it impairs any outstanding obligations or bonds.