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2013 Senate Bill 719: Allow renegotiation of state environmental cleanup and recreation loans

Public Act 115 of 2014

Introduced by Sen. Darwin Booher (R) on December 10, 2013 To allow local governments with financial problems to negotiate more favorable terms on loans made to them by the state using money the state itself borrowed under the 1998 “Clean Michigan Initiative” ballot proposal, which authorized $675 million of new government debt (“bond sales”) for environmental cleanup and recreation projects.   Official Text and Analysis.
Referred to the Senate Natural Resources, Environment & Great Lakes Committee on December 10, 2013
Reported in the Senate on February 4, 2014 With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered in the Senate on February 5, 2014
The substitute passed by voice vote in the Senate on February 5, 2014
Passed 38 to 0 in the Senate on February 12, 2014 (same description)
To allow local governments with financial problems to negotiate more favorable terms on loans made to them by the state using money the state itself borrowed under the 1998 “Clean Michigan Initiative” ballot proposal, which authorized $675 million of new government debt (“bond sales”) for environmental cleanup and recreation projects.
Received in the House on February 12, 2014
Referred to the House Natural Resources Committee on February 12, 2014
Reported in the House on March 11, 2014 With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered in the House on March 19, 2014
The substitute passed by voice vote in the House on March 19, 2014
Passed 103 to 7 in the House on March 20, 2014 To allow local governments with financial problems to negotiate more favorable terms on loans made to them by the state using money the state itself borrowed under the 1998 “Clean Michigan Initiative” ballot proposal, which authorized $675 million of new government debt (“bond sales”) for environmental cleanup and recreation projects. They would not be allowed to negotiate a reduction the amount of the outstanding loan principal.
Received in the Senate on March 25, 2014
Passed 35 to 0 in the Senate on March 26, 2014
Signed by Gov. Rick Snyder on April 7, 2014

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