REFERENCES TO REVISED MFA - H.B. 5411: FLOOR ANALYSIS
House Bill 5411 (as passed by the House)
Sponsor: Representative Mickey Mortimer
House Committee: Commerce
CONTENT
The bill would amend Section 1225 of the Revised School Code, which prescribes the borrowing powers of school districts and intermediate school districts. In addition to adding references to the Revised Municipal Finance Act, the bill would delete provisions pertaining to prior approval.
(Public Act 34 of 2001 created 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 took effect March 1, 2002. The Municipal Finance Act was repealed on that date, except for two sections that will be repealed on April 30, 2002. The Revised Municipal Finance Act applies to school districts, as well as other local units of government.)
MCL 380.1225 - Legislative Analyst: George Towne
FISCAL IMPACT
The bill would have no fiscal impact on State or local government.
Date Completed: 3-5-02 - Fiscal Analyst: Jay WortleyFloor\hb5411 - Bill Analysis @ http://www.senate.state.mi.us/sfa
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.