Introduced
by
To revise details of the amount school districts are required to increase their millage rate if the current rate is not sufficient under a <a href="http://www.michiganvotes.org/2005-SB-406">2005 law</a> to repay principal and interest on all the district's School Bond Loan Fund debt before a “final repayment date” determined by the state Treasurer. This relates to a provision in that law (which overhauled the School Bond Loan Fund) which requires districts to calculate these “sufficient amounts” using a specified methodology starting Oct. 1, 2013. House Bill 5099 would repeal that “final repayment date” provision, which was instituted to fix the problem of districts extending debt on old projects by combining it with additional borrowing for new projects.
Referred to the Committee on Financial Liability Reform
