Introduced
by
To increase from $50 million to $100 million the amount allocated through 2018 for “financial emergency” loans from the state to public school districts, and increase from $35 million to $85 million the amount of such loans to cities, townships, villages, and counties.
Referred to the Committee on Financial Liability Reform
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Amendment offered
by
To remove an effective date starting 90 days after the bill is enacted.
The amendment failed by voice vote
Amendment offered
by
To prohibit state loans authorized by this particular law from going to the Detroit School District.
The amendment passed by voice vote
Amendment offered
by
To remove an effective date starting 90 days after the bill is enacted.
The amendment passed by voice vote
Amendment offered
by
To reduce the proposed loan caps to $48 million for local governments and $70 million for school districts.
The amendment passed by voice vote
Amendment offered
by
To "dock" state school aid or other payments to a school district or local government that becomes delinquent repaying loans authorized by this law, in an amount equal to the delinquent interest and 5 percent of the loan principle.
The amendment passed by voice vote
Passed in the House 64 to 45 (details)
To increase from $50 million to $70 million the amount allocated through 2018 for “financial emergency” loans from the state to public school districts, and increase from $35 million to $48 million the amount of such loans to cities, townships, villages, and counties. The bill would also place minimum interest rates and/or durations on these loans, and give the state to penalize borrowers for missing payments. The bill is linked to House Bills 4225 and 4226, which are designed to create an overspending public school “early warning system”.
Referred to the Committee on Local Government
Reported without amendment
With the recommendation that the bill pass.
Amendment offered
by
To remove a provision prohibiting loans authorized by this particular law to the Detroit school district.
The amendment failed by voice vote
Passed in the Senate 25 to 10 (details)
To increase from $50 million to $70 million the amount allocated through 2018 for “financial emergency” loans from the state to public school districts, and increase from $35 million to $48 million the amount of such loans to cities, townships, villages, and counties. The bill would also place minimum interest rates and/or durations on these loans, and give the state to penalize borrowers for missing payments. The bill is linked to House Bills 4225 and 4226, which are designed to create an overspending public school “early warning system”.
