2003 House Bill 5156 ↩

Senate Roll Call 538: Passed

To allow financially challenged and distressed municipalities which are under emergency financial management to take on more bonded indebtedness under certain circumstances. The debt could be increased to as much as 20 percent of the assessed value of all property in the city (the maximum under current law is 10 percent). A vote of the people would not be required for the new bonds. The bill was introduced because the City of Highland Park, which is essentially bankrupt, may not be able to meet a February 2004 pension payment.