HOUSE BILL No. 5821


     April 9, 2002, Introduced by Rep. Jelinek and referred to the Committee on Tax Policy.


        A bill to amend 1976 PA 451, entitled

   "The revised school code,"

   by amending section 445 (MCL 380.445).

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

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             Sec.  445.  (1) The first class school district board by

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        resolution may submit the proposition of issuing bonds for the

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        purpose of purchasing sites for buildings, playgrounds, or ath-

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        letic fields and purchasing or erecting and equipping a building

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        or making permanent improvements  which  THAT it is authorized to

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        make to the school electors of the school district at a city,

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        state, or special election called for that purpose.

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             (2) If a majority of the school electors voting on the ques-

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        tion approve the issuance of bonds, the board may issue the bonds

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        of the district.




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             (3) The board shall determine the form of the bonds, the

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        manner in which they shall be executed by the president and

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        secretary of the district, the sums payable and the times of pay-

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        ment,  which shall not exceed 30 years from the date of issuance,

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        the interest rate, which shall not exceed the maximum interest

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        rate prescribed by Act No.  202 of the Public Acts of 1943, as

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        amended,  and other terms and conditions the board  deems

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        CONSIDERS necessary.

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             (4) If the board determines to issue bonds  pursuant to

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        UNDER this section, sections 432 and 444 shall not apply to the

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        issuance of the bonds and the bonds may be issued in an amount

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        equal to that provided by part 17.

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             (5) The secretary of the board shall file with the city

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        clerk a written notice of the adoption of the resolution with a

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        draft of the form of the bonding proposition to be submitted to

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        the school electors of the school district.  The notice shall be

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        under the seal of the board and filed with the city clerk at

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        least 60 days before the date fixed by the board for the

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        election.

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             (6) The laws of this state pertaining to elections in  the

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        A city shall govern the practicable submission of the proposition

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        to the school electors.  Electors qualified to vote on the bond-

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        ing proposition shall be registered school electors of the city

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        in which the first class school district is located and otherwise

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        qualified to vote on bonding propositions under the constitution

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        and laws of this state.





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             (7) BONDS ISSUED UNDER THIS ACT ARE SUBJECT TO THE REVISED

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        MUNICIPAL FINANCE ACT, 2001 PA 34, MCL 141.2101 TO 141.2821.




















































   05321'01          Final page.                            JLB