HOUSE BILL No. 5991


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


        A bill to amend 1949 PA 208, entitled

   "An act to authorize cities, villages and townships of this state
   to designate neighborhood areas for the purpose of planning and
   carrying out local public improvements for the prevention of
   blight within such areas; to authorize assistance in carrying out
   plans for local improvements by the acquisition and disposal of
   real property in such areas; to provide for the combining of
   neighborhood improvements that benefit the entire neighborhood
   into 1 improvement project; to provide for the establishment of
   local assessment districts coterminous with the neighborhood
   boundaries; to prescribe the methods of financing the exercise of
   these powers, and to declare the effect of this act,"

   (MCL 125.941 to 125.952) by adding section 6d.

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

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           SEC. 6D.  IF A MUNICIPALITY PLEDGES ANY PORTION OF THE GEN-

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      ERAL FUND OF THE MUNICIPALITY AND ISSUES ANY BOND OTHER THAN A

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

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      MUNICIPALITY 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.


   05804'00                                                 JLB