To allow local governments with financial problems to negotiate more favorable terms on loans made to them by the state using money the state itself borrowed under the 1998 “Clean Michigan Initiative” ballot proposal, which authorized $675 million of new government debt (“bond sales”) for environmental cleanup and recreation projects. They would not be allowed to negotiate a reduction the amount of the outstanding loan principal.
| 103 Yeas / 7 Nays | |
|---|---|
