2007 House Bill 5449 ↩

Senate Roll Call 570: Passed

To ease a provision in the law that allows the state to provide new “emergency” loans to municipalities (primarily Highland Park) that have a budget deficit even if the municipality already has two such loans outstanding. Under current law, the city must have experienced city income tax revenue growth rate of “.90” or less. The bill would allow a third loan even if the city’s income tax revenue growth has been up to “1.3.” Note: The statute does not specify what type of measurement these figures apply to, but it is presumably a percentage rate. Also, to increase the maximum loan to any one municipality in any one fiscal year from $1 million to $3 million.