HOUSE BILL No. 5629


     February 12, 2002, Introduced by Rep. Murphy and referred to the Committee on Tax Policy.


        A bill to amend 1994 PA 451, entitled

   "Natural resources and environmental protection act,"

   by amending section 30922 (MCL 324.30922), as added by 1995 PA

   59.

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

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             Sec. 30922.  The lake board may borrow money and issue lake

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        level orders or the bonds of the special assessment district

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         therefor  in anticipation of the collection of special assess-

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        ments to defray the cost of any improvement made under this part

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        after the special assessment roll has been confirmed.  The bonds

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        or lake level orders shall not exceed the amount of the special

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        assessments in anticipation of the collection of which they are

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        issued.  and shall bear interest at a rate not exceeding 5% per

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        annum.  Collections on special assessments to the extent pledged

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        for the payment of bonds or lake level orders shall be set aside


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        in a special fund for the payment of the bonds or lake level

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        orders.  The issuance of special assessments bonds or lake level

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        orders shall be governed by the general laws of  the  THIS state

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        applicable to the issuance of special assessments bonds or lake

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        level orders and in accordance with the  municipal finance act,

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        Act No. 202 of the Public Acts of 1943, being sections 131.1 to

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        139.3 of the Michigan Compiled Laws  REVISED MUNICIPAL FINANCE

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        ACT, 2001 PA 34, MCL 141.2101 TO 141.2821.  Bonds or lake level

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        orders may be issued in anticipation of the collection of special

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        assessments levied in respect to 2 or more public improvements,

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        but no special assessment district shall be compelled to pay the

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        obligation of any other special assessment district.  The local

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        governing body may pledge the full faith and credit of a local

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        unit of government for the prompt payment of the principal of and

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        interest on the bonds or lake level orders as they become due.

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        The pledge of full faith and credit of the local unit of govern-

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        ment shall be included within the total limitation prescribed by

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         section 5 of chapter 5 of Act No. 202 of the Public Acts of

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        1943, being section 135.5 of the Michigan Compiled Laws  THE

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        REVISED MUNICIPAL FINANCE ACT, 2001 PA 34, MCL 141.2101 TO

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        141.2821.  Bonds and lake level orders issued under this part

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        shall be executed by the chairperson and secretary of the lake

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        board, and the interest coupons to be attached to the bonds and

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        orders shall be executed by the officials causing their facsimile

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        signatures to be affixed  thereto  TO THE BONDS AND ORDERS.







   05347'01          Final page.                            JLB