Introduced
by
To eliminate a $125 million cap on how much Detroit can borrow to finance its ongoing gap between spending and revenue. The bill would also establish that holders of city or county deficit finance bonds have a first priority lien on the revenue pledged to repay this debt, and that both the local government and the state will not divert or make any deductions from any revenue (including state revenue sharing) pledged to repay this debt.
Referred to the Committee on Local, Urban, and State Affairs
