2002 Senate Bill 1302 ↩

House Roll Call 1007: Passed

To modify the bonding authority of the state trunk line highway system so as to conform to changes made to the municipal finance act by Senate Bill 29, now Public Act 34 of 2001. That bill made important changes to the procedures, requirements, and restrictions imposed on borrowing and debt issuance by local units of government and governmental authorities. (For more information on those changes see the description of Senate Bill 29.) This is one of more than 100 House and Senate bills amending different public acts to conform to the new law. The bill also restores provisions repealed by Senate Bill 29 establishing authority for a state mandated recovery plan for a municipality or school district which defaults on its bonds. It was amended in the House to authorize the issuance of short term revenue bonds and notes by airport authorities, and to reduce restrictions on the ability of a municipality not pre-qualified by the state with general bonding approval (see Senate Bill 29), to issue bonds repaid by itself and another municipality.