June 22, 2010, Introduced by Rep. Bettie Scott and referred to the Committee on Banking and Financial Services.
A bill to amend 1909 PA 279, entitled
"The home rule city act,"
(MCL 117.1 to 117.38) by adding section 4s.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 4s. A city with a population greater than 700,000 that
has 1 or more retirement systems for employees, including, but not
limited to, police and fire employees, may allow through its
charter or otherwise the retirement system or systems to make 20%
of their assets available to the municipality for bond issuance
upon receipt of a satisfactory proposal from the municipality. The
rate of interest on bond issuances resulting from approved
proposals may be a discounted rate of interest.