Local government: financing; certain filing fees; modify. Amends secs. 303 & 319 of 2001 PA 34 (MCL 141.2303 & 141.2319).
Take action
Record your position on this measure.
Create an account to take a stance, submit a written position, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill modifies the Revised Municipal Finance Act to clarify the process for municipalities issuing municipal securities. It requires municipalities to file an audit report and a qualifying statement with the Department of Treasury, demonstrating compliance with specific financial requirements. If a municipality doesn't meet these requirements, they can request a reconsideration, and the department can grant qualified status if the issues are resolved. The bill also outlines the reporting requirements for municipalities after issuing securities, including submitting documentation to the department.
Key provisions
- Municipalities must file an audit report and a qualifying statement annually.
- Qualified status is required to issue municipal securities without departmental approval.
- Compliance with specific financial requirements is needed to qualify, including debt limits, tax delinquency rates, and audit results.
- A municipality can request a reconsideration of the department's determination if they don't meet the requirements.
- The department must provide a notice of deficiency if a municipality doesn't meet the requirements.
- Municipalities must file documentation related to the issuance of securities with the department.
- Filing fees are associated with applications and reporting requirements, subject to annual inflation adjustments.
- Specific documentation is required for refunding securities and securities issued under certain sections of the act.
Who is affected
Bill text
Read the latest version inline or switch to a previous version.
Document of record
- Version
- Senate Introduced Bill
- Published
- Not published in the source record
This version is published only as a document. Open the viewer to read it here, or download the file.
Sponsors
Official sponsors from legislative records.
No sponsors are on record.
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours