HOUSE BILL No. 5418


     November 1, 2001, Introduced by Rep. Rivet and referred to the Committee on Commerce.


        A bill to amend 1976 PA 451, entitled

   "The revised school code,"

   by amending section 1731 (MCL 380.1731).

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 1
           Sec. 1731.  (1) An intermediate school district may borrow

 2
      money and issue bonds of the intermediate school district subject

 3
      to  Act No. 202 of the Public Acts of 1943, as amended, being

 4
      sections 131.1 to 138.2 of the Michigan Compiled Laws  THE

 5
      REVISED MUNICIPAL FINANCE ACT, 2001 PA 34, MCL 141.2101 TO

 6
      141.2821, to defray all or  parts  PART of the costs of purchas-

 7
      ing, erecting, completing, remodeling, improving, furnishing,

 8
      refurnishing, equipping, or reequipping buildings for special

 9
      education facilities; acquiring, preparing, developing, or

10
      improving sites, or  part thereof  PARTS OF SITES or  addition

11
      thereto  ADDITIONS TO SITES, for buildings and other special


   05333'01                                                 JLB                                   2

 1
      education facilities; refunding all or part of existing bonded

 2
      indebtedness; or the accomplishment of a combination of the fore-

 3
      going purposes.

 4
           (2) An intermediate school district shall not issue bonds

 5
      for purposes of purchasing, erecting, completing, remodeling,

 6
      improving, furnishing, refurnishing, equipping, or reequipping

 7
      buildings for special education for an amount greater than 1.5%

 8
      of the total  assessed valuation  TAXABLE VALUE of the intermedi-

 9
      ate school district nor shall the bonded indebtedness of an

10
      intermediate school district extend beyond a period of 30 years

11
      for money borrowed.

12
            (3) Refunding bonds or the refunding part of a bond issue

13
      shall not be deemed to be within the 1.5% limitation but shall be

14
      deemed to be authorized in addition thereto.





























   05333'01          Final page.                            JLB