Introduced
by
To modify the bonding authority of the state trunk line highway system 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 to the new law. The bill also restores provisions repealed by Senate Bill 29 establishing authority for a state mandated recovery plan for a municipality or school district which defaults on its bonds.
Referred to the Committee on Finance
Passed in the Senate 37 to 0 (details)
Amendment offered
by
To remove a provision that requires a municipality which has not been granted qualified status under the revised municpal finance act (see Senate Bill 29), and which enters a contract to issue bonds to be paid by itself and another municipality, to get prior approval from the Department of Treasury to issue the new bond debt.
The amendment passed by voice vote
Substitute offered
by
To replace the previous version of the bill with one containing technical changes that do not affect the substance of the bill as previously described.
The substitute passed by voice vote
Amendment offered
by
To require a municiplity planning to issue a full faith and credit bond to include that intention in a the public notice of a meeting where the intention will be discussed or voted upon, except for refunding or short term bonds.
The amendment passed by voice vote
Amendment offered
by
To remove a requirement for a municipality which has not been qualified by the Department of Treasury with general bonding approval (see Senate Bill 29), and which enters a contract to issue bonds repaid by itself and another municipality, in which the other municipality has been qualified and is responsible for repaying more than 50 percent of the debt, to get specific prior approval from the Department of Treasury to issue the new bond debt.
The amendment passed by voice vote
Amendment offered
by
To authorize the issuance of short term revenue bonds and notes by airport authorities.
The amendment passed by voice vote
Passed in the House 90 to 4 (details)
To modify the bonding authority of the state trunk line highway system 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 to the new law. The bill also restores provisions repealed by Senate Bill 29 establishing authority for a state mandated recovery plan for a municipality or school district which defaults on its bonds. It was amended in the House to authorize the issuance of short term revenue bonds and notes by airport authorities, and to reduce restrictions on the ability of a municipality not pre-qualified by the state with general bonding approval (see Senate Bill 29), to issue bonds repaid by itself and another municipality.
Passed in the Senate 32 to 0 (details)
To concur with the House-passed version of the bill.
