Bill Text: MI SB0154 | 2011-2012 | 96th Legislature | Introduced
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: SB 0153'11
Spectrum: Partisan Bill (Republican 4-0)
Status: (Introduced - Dead) 2011-05-05 - Referred To Committee On Education [SB0154 Detail]
Download: Michigan-2011-SB0154-Introduced.html
SENATE BILL No. 154
February 16, 2011, Introduced by Senators PAVLOV, BRANDENBURG, MARLEAU and PROOS and referred to the Committee on Education.
A bill to amend 1909 PA 279, entitled
"The home rule city act,"
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 fiscal
responsibility
act, 1990 PA 72, MCL 141.1201 to 141.1291, 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 Senate Bill No. 153
of the 96th Legislature is enacted into law.
