Introduced
by
To revise the law governing the debt and borrowing of local development tax increment finance authorities so as to include certain of their borrowings in the provisions proposed by House Bill 5550, which would allow municipalities to stretch out further into the future the repayment period on certain loans, despite a <a href="http://www.michiganvotes.org/2002-SB-1314">2002 law</a> prohibiting this when it has the effect of increasing the overall amount that must be repaid (in net "present value" terms).
Referred to the Committee on Banking and Financial Services
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Amendment offered
by
To clarify details regarding the application of the proposed provisions to debt for which school tax revenue can be "captured" and used to repay.
The amendment passed by voice vote
Passed in the House 99 to 8 (details)
Referred to the Committee on Finance
