November 28, 2007, Introduced by Reps. Dean, Scott and Espinoza and referred to the Committee on Tax Policy.
A bill to amend 1981 PA 97, entitled
"Michigan municipal distributable aid bond act,"
by amending section 2 (MCL 141.1022), as amended by 1983 PA 77.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 2. As used in this act:
(a)
"Commission" means the municipal finance commission
created
under the municipal finance act, Act No. 202 of the Public
Acts
of 1943, as amended, being sections 131.1 to 139.3 of the
Michigan Compiled Laws, department of treasury or
its successor
agency.
(b) "Debt service" means payments of principal and interest or
other required amounts upon distributable aid obligations.
(c) "Director" means the director of the commission before
July 1, 1984, and the state treasurer on and after July 1, 1984.
(d) "Distributable aid" means state shared revenues provided
for
in the state revenue sharing act of 1971, Act No. 140 of the
Public
Acts of 1971, as amended, being sections 141.901 to 141.921
of
the Michigan Compiled Laws Glenn Steil state revenue sharing act
of 1971, 1971 PA 140, MCL 141.901 to 141.921, the single business
tax
act, Act No. 228 of the Public Acts of 1975, as amended, being
sections
208.1 to 208.145 of the Michigan Compiled Laws 1975 PA
228, MCL 208.1 to 208.145, any other law providing for distribution
of state shared revenues which are derived from the same taxes
distributed
under Act No. 140 of the Public Acts of 1971, as
amended,
and Act No. 228 of the Public Acts of 1975, as amended the
Glenn Steil state revenue sharing act of 1971, 1971 PA 140, MCL
141.901 to 141.921, and the single business tax act, 1975 PA 228,
MCL 208.1 to 208.145, and any law providing reimbursement to a
municipality under the state constitution of 1963 as reimbursement
for revenue which would otherwise be collected from taxes imposed
by the municipality.
(e) "Distributable aid obligations" means obligations of a
municipality eligible to participate under this act.
(f) "Governing body" means the board of commissioners of a
county; the township board of a township or charter township; the
council, common council, or commission of a city; the council,
commission, or board of trustees of a village; and in any other
governmental authority or agency, the officials or official body
who are given general governing powers.
(g) "Municipality" means a county, city, village, township, or
charter township within the state which is eligible to receive
distributable aid and which is authorized by law or charter to
issue general obligation bonds or other instruments of
indebtedness.
(h) "Municipality's financial officer" means the chief fiscal
officer of a municipality.
(i) "Obligations" means general obligation bonds or notes of a
municipality including bonds, notes, or other debt instruments
which are secured, primarily or secondarily, by the full faith and
credit of the municipality and on which the last installment of
principal becomes due not less than 2 years after the date of
issuance. Obligations described in this subdivision, including
obligations issued prior to July 15, 1981 if so determined by the
governing body, may be payable from taxes levied without rate or
amount limitations or from taxes levied subject to constitutional,
statutory, or charter limitations.
(j) "Paying agent" means a state or nationally chartered bank,
or state or federally chartered savings and loan association, or a
municipal or state officer named in distributable aid obligations
as the agent for the paying of the principal and interest and who
is qualified by law to act as a paying agent.