Bill Text: MI HB4218 | 2011-2012 | 96th Legislature | Chaptered
Bill Title: Cities; home rule; reference to local government and school district fiscal accountability act; provide for in the home rule city act. Amends sec. 36a of 1909 PA 279 (MCL 117.36a). TIE BAR WITH: HB 4214'11
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2011-03-17 - Assigned Pa 7'11 With Immediate Effect [HB4218 Detail]
Download: Michigan-2011-HB4218-Chaptered.html
Act No. 7
Public Acts of 2011
Approved by the Governor
March 16, 2011
Filed with the Secretary of State
March 16, 2011
EFFECTIVE DATE: March 16, 2011
STATE OF MICHIGAN
96TH LEGISLATURE
REGULAR SESSION OF 2011
Introduced by Reps. Pscholka and McMillin
ENROLLED HOUSE BILL No. 4218
AN ACT to amend 1909 PA 279, entitled “An act to provide for the incorporation of cities and for revising and amending their charters; to provide for certain powers and duties; to provide for the levy and collection of taxes by cities, borrowing of money, and issuance of bonds or other evidences of indebtedness; to validate actions taken, bonds issued, and obligations heretofore incurred; to prescribe penalties and provide remedies; and to repeal acts and parts of acts on specific dates,” by amending section 36a (MCL 117.36a), as added by 2003 PA 210.
The People of the State of Michigan enact:
Sec. 36a. (1) Except as otherwise provided under this section, if a financial emergency exists under the local government and school district fiscal accountability act, a city may issue financial recovery bonds in amounts greater than the limitations established by the city charter or this act.
(2) Any financial recovery bonds issued under this section are subject to the terms and conditions approved by the local emergency financial assistance loan board created under the emergency municipal loan act, 1980 PA 243, MCL 141.931 to 141.942.
(3) Any financial recovery bonds issued under this section are not subject to section 5(g).
(4) Notwithstanding subsection (1), the net indebtedness of a city, reduced by any amounts excluded under section 4a(4), shall not exceed 20% of the assessed value of the city.
(5) Financial recovery bonds issued under this section are not subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.
Enacting section 1. This amendatory act does not take effect unless House Bill No. 4214 of the 96th Legislature is enacted into law.
This act is ordered to take immediate effect.
Clerk of the House of Representatives
Secretary of the Senate
Approved
Governor
