REFERENCES TO REVISED MFA - S.B. 869 & 870 (S-1): FLOOR ANALYSIS
Senate Bill 869 (as reported without amendment)
Senate Bill 870 (Substitute S-1 as reported)
Sponsor: Senator Mat J. Dunaskiss (S.B. 869)
Senator George A. McManus, Jr. (S.B. 870)
Committee: Finance
CONTENT
Senate Bill 869 would amend the Land Reclamation and Improvement Authority Act to delete references to the Municipal Finance Act and replace them with references to the Revised Municipal Finance Act. In addition, the bill would delete provisions pertaining to interest rates on bonds issued under the Land Reclamation and Improvement Authority Act; and a provision that requires special assessment collections pledged for the payment of bonds or notes to be set aside in a special fund.
Senate Bill 870 (S-1) would amend the Drain Code to add references to the Revised Municipal Finance Act, and to delete provisions pertaining to prior approval of bonds issued under the Code. Further, the Code currently requires that bonds be sold by the drain commissioner in a manner provided for in the advertisement and sale of bonds under the Municipal Finance Act. The bill would require, instead, that bonds sold under the Code be sold subject to the Revised Municipal Finance Act.
(Public Act 34 of 2001 creates the "Revised Municipal Finance Act" to regulate borrowing by municipalities, and their issuance of securities; repeal the Municipal Finance Act; and prescribe the powers and duties of the Department of Treasury to protect the credit of the State and its municipalities. The Act will take effect March 1, 2002. The Municipal Finance Act will be repealed on that day, except for two sections that will be repealed on April 30, 2002.)
MCL 125.2482 (S.B. 869) - Legislative Analyst: G. Towne
280.275 et al. (S.B. 870)
FISCAL IMPACT
The bills would have no fiscal impact on State or local government.
Date Completed: 1-30-02 - Fiscal Analyst: D. Zin
floor\sb869 - Analysis available @ http://www.michiganlegislature.org
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.