SENATE BILL No. 1300

May 7, 2002, Introduced by Senator EMMONS and referred to the Committee on Finance.

A bill to amend 1961 PA 112, entitled

"An act to authorize and provide for the issuance, sale, and

refunding of bonds, notes, or commercial paper of the state; to

provide funds for making loans to school districts for payment of

principal and interest on certain school bonds; to provide for

use of moneys repaid to the state by school districts; and to

make an appropriation,"

(MCL 388.981 to 388.985) by adding section 1c.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

1 SEC. 1C. (1) BONDS AND NOTES ISSUED UNDER THIS ACT ARE NOT

2 SUBJECT TO THE REVISED MUNICIPAL FINANCE ACT, 2001 PA 34,

3 MCL 141.2101 TO 141.2821.

4 (2) THE ISSUANCE OF BONDS OR NOTES UNDER THIS ACT IS SUBJECT

5 TO THE AGENCY FINANCING REPORTING ACT.

02373'01 Final page. JLB