HOUSE BILL No. 5988


     September 27, 2000, Introduced by Rep. Pappageorge and referred to the Committee on Tax Policy.


        A bill to amend 1948 (1st Ex Sess) PA 31, entitled

   "An act to provide for the incorporation of authorities to
   acquire, furnish, equip, own, improve, enlarge, operate, and
   maintain buildings, automobile parking lots or structures, recre-
   ational facilities, stadiums, and the necessary site or sites
   therefor, together with appurtenant properties and facilities
   necessary or convenient for the effective use thereof, for the
   use of any county, city, village, or township, or for the use of
   any combination of 2 or more counties, cities, villages, or town-
   ships, or for the use of any school district and any city, vil-
   lage, or township wholly or partially within the district's
   boundaries, or for the use of any school district and any combi-
   nation of 2 or more cities, villages, or townships wholly or par-
   tially within the district's boundaries, or for the use of any
   intermediate school district and any constituent school district
   or any city, village, or township, wholly or partially within the
   intermediate school district's boundaries; to provide for compen-
   sation of authority commissioners; to permit transfers of prop-
   erty to authorities; to authorize the execution of contracts,
   leases, and subleases pertaining to authority property and the
   use of authority property; to authorize incorporating units to
   impose taxes without limitation as to rate or amount and to
   pledge their full faith and credit for the payment of contract of
   lease obligations in anticipation of which bonds are issued by an
   authority; to provide for the issuance of bonds by such authori-
   ties; to validate action taken and bonds issued; to provide other
   powers, rights, and duties of authorities and incorporating



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   units, including those for the disposal of authority property;
   and to prescribe penalties and provide remedies,"

   (MCL 123.951 to 123.965) by adding section 11l.

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

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           SEC. 11l.  IF AN AUTHORITY PLEDGES ANY PORTION OF THE GEN-

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      ERAL FUND OF THE AUTHORITY AND ISSUES ANY BOND OTHER THAN A GEN-

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      ERAL OBLIGATION BOND OR A REVENUE BOND UNDER THIS ACT, THE

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      AUTHORITY SHALL PROVIDE FOR AND PUBLISH A NOTICE OF INTENT AS

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      PROVIDED IN SECTION 10 OF CHAPTER 5 OF THE MUNICIPAL FINANCE ACT,

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      1943 PA 202, MCL 135.10.




































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