Bill Text: MI HB5949 | 2013-2014 | 97th Legislature | Introduced
Bill Title: Local government; financing; issuance of municipal securities to cover cost of demolition for eligible abandoned properties; provide for. Amends sec. 517 of 2001 PA 34 (MCL 141.2517).
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2014-11-13 - Printed Bill Filed 11/13/2014 [HB5949 Detail]
Download: Michigan-2013-HB5949-Introduced.html
HOUSE BILL No. 5949
November 12, 2014, Introduced by Rep. Poleski and referred to the Committee on Local Government.
A bill to amend 2001 PA 34, entitled
"Revised municipal finance act,"
by amending section 517 (MCL 141.2517), as amended by 2002 PA 541.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 517. (1) A county, city, village, or township may by
resolution of its governing body, and without a vote of its
electors, issue a municipal security under this section to pay the
cost of any capital improvement items or the demolition of any
structures, provided that the amount of taxes necessary to pay the
principal and interest on that municipal security, together with
the taxes levied for the same year, shall not exceed the limit
authorized by law.
(2) If a county, city, village, or township issues a municipal
security under this section, before issuance, the county, city,
village, or township shall publish a notice of intent to issue the
municipal security. The notice of intent shall be directed to the
electors of the county, city, village, or township, shall be
published in a newspaper that has general circulation in the
county, city, village, or township, and shall state the maximum
amount of municipal securities to be issued, the purpose of the
municipal securities, the source of payment, the right of
referendum on the issuance of the municipal securities, and any
other information the county, city, village, or township determines
necessary to adequately inform the electors of the nature of the
issue. The notice of intent shall not be less than 1/4 page in size
in the newspaper. If, within 45 days after the publication of the
notice of intent, a petition, signed by not less than 10% or 15,000
of the registered electors, whichever is less, residing within the
county, city, village, or township, is filed with the governing
body of the county, city, village, or township, requesting a
referendum upon the question of the issuance of the municipal
securities, then the municipality shall not issue the municipal
securities until authorized by the vote of a majority of the
electors of the county, city, village, or township qualified to
vote and voting on the question at a general or special election. A
special election called for this purpose shall not be included in a
statutory or charter limitation as to the number of special
elections to be called within a period of time. Signatures on the
petition shall be verified by a person under oath as the actual
signatures of the persons whose names are signed to the petition,
and the governing body of the county, city, village, or township
shall have the same power to reject signatures and petitions as
city clerks under section 25 of the home rule city act, 1909 PA
279, MCL 117.25. The number of registered electors in the county,
city, village, or township shall be determined by the governing
body of the county, city, village, or township.
(3) Municipal securities issued under subsection (1) by a
county, city, village, or township shall not exceed 5% of the state
equalized valuation of the property assessed in that county, city,
village, or township.
