REFERENCES TO REVISED MFA - S.B. 974 (S-2): FLOOR ANALYSIS
Senate Bill 974 (Substitute S-2 as reported)
Sponsor: Senator Ken DeBeaussaert
Committee: Finance
CONTENT
The bill would amend the County Public Improvement Act to specify that bonds issued under the Act would be subject to the Revised Municipal Finance Act. Further, the bill would eliminate provisions that pertain to prior approval, and provisions that require the bonds to be serial bonds, and allow a county to impose taxes without limitation for payment of principal and interest.
(Public Act 34 of 2001 creates the "Revised Municipal Finance Act" to regulate borrowing by municipalities, and their issuance of securities; repeal the Municipal Finance Act; and prescribe the powers and duties of the Department of Treasury to protect the credit of the State and its municipalities. The Act will take effect March 1, 2002. The Municipal Finance Act will be repealed on that day, except for two sections that will be repealed on April 30, 2002.)
MCL 46.175a & 46.175c - Legislative Analyst: George Towne
FISCAL IMPACT
The bill would have no fiscal impact on State or local government.
Date Completed: 2-27-02 - Fiscal Analyst: David ZinFloor\sb974 - Bill Analysis @ http://www.senate.state.mi.us/sfa
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.