Introduced
by
To modify the bonding authority under the fiscal stabilization act so as to conform to changes made to the Municipal Finance Act by Senate Bill 29, now Public Act 34 of 2001. That bill made important changes to the procedures, requirements, and restrictions imposed on borrowing and debt issuance by local units of government and governmental authorities. For more information on those changes see the description of <a href="/bill.asp?ID=4790">Senate Bill 29</a>. This bill also changes an existing bond cap in the act, which limits certain borrowing by cities and counties with financial difficulties to a percentage of the state equalized value of all property in the unit, so that the limit is based on taxable value, which is a lower amount. This is one of more than 100 House and Senate bills amending different public acts to conform with the new law.
Referred to the Committee on Finance
Substitute offered
To replace the previous version of the bill with a version recommended by the committee which reported it. The substitute removes a provision of the bill changing an existing bond cap that limits certain borrowing to a percentage of the state equalized value to a percentage of taxable value of all property in the municipality, which is a lower amount.
The substitute passed by voice vote
Passed in the Senate 34 to 0 (details)
To modify the bonding authority under the fiscal stabilization act so as to conform to changes made to the Municipal Finance Act by Senate Bill 29, now Public Act 34 of 2001. That bill made important changes to the procedures, requirements, and restrictions imposed on borrowing and debt issuance by local units of government and governmental authorities. For more information on those changes see the description of Senate Bill 29. This is one of more than 100 House and Senate bills amending different public acts to conform with the new law.
Substitute offered
by
To replace the previous version of the bill with a version recommended by the committee which reported it. The substitute incorporates technical changes resulting from committee testimony and deliberation. These changes do not affect the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the House 100 to 0 (details)
To modify the bonding authority under the fiscal stabilization act so as to conform to changes made to the Municipal Finance Act by Senate Bill 29, now Public Act 34 of 2001. That bill made important changes to the procedures, requirements, and restrictions imposed on borrowing and debt issuance by local units of government and governmental authorities. For more information on those changes see the description of Senate Bill 29. This is one of more than 100 House and Senate bills amending different public acts to conform with the new law.
Passed in the Senate 36 to 0 (details)
To concur with the House-passed version of the bill.
