June 9, 2010, Introduced by Reps. Johnson, Melton and Womack and referred to the Committee on Government Operations.
A bill to amend 1990 PA 72, entitled
"Local government fiscal responsibility act,"
by amending section 20 (MCL 141.1220).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
20. (1) In consultation with the local government, the
emergency
financial manager shall develop, and may from time to
time
amend, a written financial plan for the local government.
Within 180 days after being appointed, the emergency financial
manager, in consultation with the local government, shall develop
and have approved by the local emergency financial assistance loan
board a written financial plan for the local government. If an
emergency financial manager is serving on the effective date of the
amendatory act that added this sentence, within 180 days after the
effective date of the amendatory act that added this sentence, the
emergency financial manager, in consultation with the local
government, shall develop and have approved by the local emergency
financial assistance loan board a written financial plan for the
local government. The emergency financial manager, in consultation
with the local government, may from time to time amend the written
financial plan for the local government. The financial plan shall
provide for both of the following:
(a) Conducting the operations of the local government within
the resources available according to the emergency financial
manager's revenue estimate.
(b) The payment in full of the scheduled debt service
requirements on all bonds and notes of the local government and all
other uncontested legal obligations.
(2) After the initial development of a financial plan, the
plan shall be regularly reexamined by the emergency financial
manager in consultation with the local government, and if the
emergency financial manager reduces his or her revenue estimates,
the emergency financial manager shall modify the financial plan to
conform to revised revenue estimates.
(3) The financial plan shall be in a form and shall contain
that information for each year during which year the financial plan
is in effect that the local emergency financial manager specifies.
(4) The emergency financial manager shall make public the plan
or
modified plan. This subsection shall not be construed to does
not mean that the emergency financial manager must receive public
approval before he or she implements the financial plan or any
modification of the plan.