December 2, 2014, Introduced by Rep. Price and referred to the Committee on Local Government.
A bill to amend 1933 PA 204, entitled
"An act to authorize municipalities to call for and accept tenders
of defaulted bonds,"
by amending section 2 (MCL 141.212).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
2. Whenever If any bonds of any special assessment
district or improvement district of any county, city, township,
village,
or school district of the this
state of Michigan shall
have been or have remained in default as to principal or interest
for a period of longer than 6 months and there shall not be, or
have
been within said the period of default, sufficient sums of
money
on hand belonging to said the
special assessment district or
improvement
district to pay the principal and interest of said the
bonds
so in default, the governing body of such the municipality
may
by resolution call for tenders of such the defaulted bonds. and
Before January 1, 2015, the governing body of the municipality
shall
advertise such the call
for tenders of bonds at least once
,
in
a newspaper having general circulation in such the municipality.
Such
Before January 1, 2015, the advertisement shall be published
at
least 10 days prior to before
the time for presentation of such
the tenders of bonds. Beginning January 1, 2015, at least 10 days
before the time for presentation of the tenders of bonds, the
governing body of the municipality shall provide tier B public
notice of the call for tenders of bonds as set forth in the local
government public notice act.
Enacting section 1. This amendatory act does not take effect
unless Senate Bill No.____ or House Bill No. 5560 (request no.
03796'13) of the 97th Legislature is enacted into law.