SENATE BILL No. 986
December 13, 2001, Introduced by Senator MILLER and referred to the Committee on
Finance.
A bill to amend 1964 PA 205, entitled
"An act authorizing the purchase by municipalities of fire
trucks, fire fighting apparatus and equipment on executory title
retaining contracts and under chattel mortgage financing,"
by amending section 1 (MCL 141.451).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 1. The legislative body of any county, city, village,
2 township, or other local unit of government may purchase on exec-
3 utory title retaining contracts, or finance purchases by chattel
4 mortgages as security for the
purchase price, any
fire trucks ,
5 AND fire fighting apparatus and
equipment and pay
for the same
6 IT out of the general fund of
such THE
municipality. , but
7 such
HOWEVER, contracts or chattel mortgages shall
not provide
8 for payments for longer than the estimated period of usefulness
9 of the property being purchased
, and in no event
for longer
10 than 6 years. Such
contracts or CONTRACTS AND
chattel
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2
1 mortgages, and the purchase of
such property
thereunder, shall
2 not be
UNDER THIS SECTION, ARE NOT subject to the
provisions of
3 Act No. 202 of the
Public Acts of 1943, as
amended, being sec-
4 tions 131.1 to 138.2 of
the Compiled Laws of 1948
THE REVISED
5 MUNICIPAL FINANCE ACT, 2001 PA 34, MCL 141.2101 TO 141.2821, BUT
6 ARE SUBJECT TO 1933 PA 99, MCL 123.721 TO 123.723.
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