Bill Text: MI SB0084 | 2009-2010 | 95th Legislature | Introduced

Michigan Senate Bill 84 (Prior Session Legislation)

Introduced

Bill Title: Education; financing; school district's use of sinking funds; expand to include purposes for which bonds may be used. Amends sec. 1212 of 1976 PA 451 (MCL 380.1212).

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2009-01-27 - Referred To Committee On Education [SB0084 Detail]

Download: Michigan-2009-SB0084-Introduced.html

SENATE BILL No. 84

January 27, 2009, Introduced by Senator WHITMER and referred to the Committee on Education.

A bill to amend 1976 PA 451, entitled

"The revised school code,"

by amending section 1212 (MCL 380.1212), as amended by 2003 PA

299.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

1 Sec. 1212. (1) If approved by the school electors of the

2 school district, the board of a school district may levy a tax of

3 not to exceed 5 mills on the ~~state equalized valuation~~ taxable

4 value of the real and personal property of the school district

5 each year for a period of not to exceed 20 years, for the purpose

6 of creating a sinking fund to be used for the purchase of real

7 estate for sites for, and the construction or repair of, school

8 buildings, or for any purpose for which a school district may

9 borrow money and issue bonds under section 1351a. The sinking

1 fund tax levy is subject to the 15 mill tax limitation provisions

2 of section 6 of article IX of the state constitution of 1963 and

3 the property tax limitation act, 1933 PA 62, MCL 211.201 to

4 211.217a.

5 (2) A school district that levies a sinking fund tax under

6 this section shall have an independent audit of its sinking fund

7 conducted annually, including a review of the uses of the sinking

8 fund, and shall submit the audit report to the department of

9 treasury. If the department of treasury determines from the audit

10 report that the sinking fund has been used for a purpose other

11 than those authorized for the sinking fund under this section,

12 the school district shall repay the misused funds to the sinking

13 fund from the school district's operating funds and shall not

14 levy a sinking fund tax under this section after the date the

15 department of treasury makes that determination.

16 (3) ~~(2)~~ The proposition of levying a sinking fund tax shall

17 be submitted to the school electors of the school district at a

18 regular or special school election.

19 (4) ~~(3)~~ The question of levying taxes for the purpose of

20 creating a sinking fund shall be by ballot in substantially the

21 following form:

22	"Shall _______________________________ levy ________ mills
23	(legal name of school district)
24	to create a sinking fund for the purpose of ____________________
25	________________________________________________________________
26	for a period of _____ years?