HB-4074, As Passed House, March 4, 2009

HOUSE BILL No. 4074

January 22, 2009, Introduced by Rep. Valentine and referred to the Committee on Judiciary.

     A bill to amend 2001 PA 34, entitled

"Revised municipal finance act,"

(MCL 141.2101 to 141.2821) by adding section 519.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     Sec. 519. Municipal securities issued under section 517 or 518

shall also be secured by the general fund of the county, city,

village, or township and may include the phrase "general obligation

limited tax" in the resolution authorizing the issuance. The

county, city, village, or township issuing the municipal securities

that have not been approved by the electors is not authorized to

levy any tax not authorized by law at the time the municipal

securities are issued to pay for the municipal securities.

     Enacting section 1. This amendatory act does not take effect

unless all of the following bills of the 95th Legislature are

enacted into law:

     (a) Senate Bill No.____ or House Bill No. 4075(request no.

01214'09).

     (b) Senate Bill No.____ or House Bill No. 4077(request no.

01216'09).