HOUSE BILL NO. 6371

November 12, 2020, Introduced by Reps. Yaroch and Steven Johnson and referred to the Committee on Government Operations.

"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 are not, be, or have not 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, 2022, 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, 2022, the advertisement shall must be published at least 10 days prior to before the time for presentation of such the tenders of bonds. Beginning January 1, 2022, at least 10 days before the time for presentation of the tenders of bonds, the governing body of the municipality shall post 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. 6440 (request no. 02449'19) of the 100th Legislature is enacted into law.