Introduced
by
To allow financially challenged and distressed municipalities which are under emergency financial management to take on more bonded indebtedness under certain circumstances. A vote of the people would not be required for the new bonds. The bill was introduced because the City of Highland Park, which is essentially bankrupt, may not be able to meet a February 2004 pension payment.
Referred to the Committee on Local Government and Urban Policy
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one which caps the amount of total debt a city could assume at 20 percent of the assessed value of all property in the city. Under current law, the maximum is 10 percent.
The substitute passed by voice vote
Amendment offered
by
To clarify that the 20 percent debt cap does not apply to other cities.
The amendment passed by voice vote
Passed in the House 82 to 26 (details)
To allow financially challenged and distressed municipalities which are under emergency financial management to take on more bonded indebtedness under certain circumstances. The debt could be increased to as much as 20 percent of the assessed value of all property in the city (the maximum under current law is 10 percent). A vote of the people would not be required for the new bonds. The bill was introduced because the City of Highland Park, which is essentially bankrupt, may not be able to meet a February 2004 pension payment.
Referred to the Committee on Local, Urban, and State Affairs
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one which incorporates technical changes that do not affect the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the Senate 36 to 1 (details)
To allow financially challenged and distressed municipalities which are under emergency financial management to take on more bonded indebtedness under certain circumstances. The debt could be increased to as much as 20 percent of the assessed value of all property in the city (the maximum under current law is 10 percent). A vote of the people would not be required for the new bonds. The bill was introduced because the City of Highland Park, which is essentially bankrupt, may not be able to meet a February 2004 pension payment.
Passed in the House 86 to 21 (details)
To concur with the Senate-passed version of the bill.
