Introduced
by
To modify the bonding authority of the Michigan Strategic Fund 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.
Referred to the Committee on Finance
Passed in the Senate 36 to 0 (details)
Substitute offered
by
To replace the previous version of the bill with one which would allow the Michigan Strategic Fund to enter into interest rate exchange, swap, hedge, or similar agreements (so-called “derivatives”) on its bonds or notes.
The substitute passed by voice vote
Passed in the House 102 to 0 (details)
To modify the bonding authority of the Michigan Strategic Fund 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. The bill was amended in the House to allow the Michigan Strategic Fund to enter into interest rate exchange, swap, hedge, or similar agreements (so-called “derivatives”) on its bonds or notes.
Passed in the Senate 33 to 0 (details)
To concur with the House-passed version of the bill.
