HOUSE BILL No. 5466

 

November 27, 2007, Introduced by Reps. Valentine and Corriveau and referred to the Committee on Retiree Health Care Reforms.

 

     A bill to amend 2001 PA 34, entitled

 

"Revised municipal finance act,"

 

(MCL 141.2101 to 141.2821) by adding section 519.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 519. Municipal securities issued under section 517 or 518

 

shall also be secured by the general fund of the county, city,

 

village, or township and may include the phrase "general obligation

 

limited tax" in the resolution authorizing the issuance. The

 

county, city, village, or township issuing the municipal securities

 

that have not been approved by the electors is not authorized to

 

levy any tax not authorized by law at the time the municipal

 

securities are issued to pay for the municipal securities.

 

     Enacting section 1. This amendatory act does not take effect

 

unless all of the following bills of the 94th Legislature are

 


enacted into law:

 

     (a) Senate Bill No.____ or House Bill No. 5465(request no.

 

05576'07).

 

     (b) House Bill No. 4451.