HB-5487, As Passed House, December 6, 2007

SUBSTITUTE FOR

HOUSE BILL NO. 5487

A bill to amend 1933 (Ex Sess) PA 18, entitled

"An act to authorize any city, village, township, or county to

purchase, acquire, construct, maintain, operate, improve, extend,

and repair housing facilities; to eliminate housing conditions

which are detrimental to the public peace, health, safety, morals,

or welfare; and for any such purposes to authorize any such city,

village, township, or county to create a commission with power to

effectuate said purposes, and to prescribe the powers and duties of

such commission and of such city, village, township, or county; and

for any such purposes to authorize any such commission, city,

village, township, or county to issue notes and revenue bonds; to

regulate the issuance, sale, retirement, and refunding of such

notes and bonds; to regulate the rentals of such projects and the

use of the revenues of the projects; to prescribe the manner of

selecting tenants for such projects; to provide for condemnation of

private property for such projects; to confer certain powers upon

such commissions, cities, villages, townships, and counties in

relation to such projects, including the power to receive aid and

cooperation of the federal government; to provide for a referendum

thereon; to provide for cooperative financing by 2 or more

commissions, cities, villages, townships, or counties or any

combination thereof; to provide for the issuance, sale, and

retirement of revenue bonds and special obligation notes for such

purposes; to provide for financing agreements between cooperating

borrowers; to provide for other matters relative to the bonds and

notes and methods of cooperative financing; for other purposes; and

to prescribe penalties and provide remedies,"

by amending section 1 (MCL 125.651), as amended by 1996 PA 338.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

Sec. 1. As used in this act:

(a) "Borrower" means either of the following:

(i) The city, village, township, or county operating under this

act.

(ii) A commission created under this act if empowered by

ordinance of the creating governing body to act as a borrower for

purposes of issuing bonds or notes under this act.

(b) "Business activity" means that term as defined in section

3(2) of the former single business tax act, ~~Act No. 228 of the~~

~~Public Acts of 1975, being section 208.3 of the Michigan Compiled~~

~~Laws~~ 1975 PA 228, or in section 105 of the Michigan business tax

act, 2007 PA 36, MCL 208.1105.

this act.

(d) "Governing body" means in the case of a city, the council

or commission of the city; in the case of a village, the council,

commission, or board of trustees of the village; in the case of a

township, the township board; and in the case of a county, the

board of supervisors or county commissioners.

(e) "Incorporating unit" means the city, village, township, or

county that creates a commission.

(f) "Ordinance" means either of the following:

(i) An ordinance of a city, village, township, or county.

(ii) To the extent the incorporating unit has granted or