SB 0575
Local government: financing; certain filing fees; modify. Amends secs. 303 & 319 of 2001 PA 34 (MCL 141.2303 & 141.2319).
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill modifies the process for municipalities in Michigan to issue municipal securities. It requires municipalities to file an annual audit report and a qualifying statement with the Department of Treasury, demonstrating compliance with various financial requirements. To issue securities without prior department approval, municipalities must meet specific criteria related to their financial stability, debt levels, and tax compliance. The bill also outlines a process for the department to review these applications, issue determinations of compliance or non-compliance, and requires municipalities to file detailed documentation upon issuance of securities.
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