HOUSE BILL No. 6063

 

December 2, 2014, Introduced by Rep. Price and referred to the Committee on Local Government.

 

     A bill to amend 2001 PA 34, entitled

 

"Revised municipal finance act,"

 

by amending section 517 (MCL 141.2517), as amended by 2002 PA 541.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 517. (1) A county, city, village, or township may by

 

resolution of its governing body, and without a vote of its

 

electors, issue a municipal security under this section to pay the

 

cost of any capital improvement items, provided that the amount of

 

taxes necessary to pay the principal and interest on that municipal

 

security, together with the taxes levied for the same year, shall

 

not exceed the limit authorized by law.

 

     (2) If a county, city, village, or township issues a municipal

 

security under this section, before issuance, the county, city,

 

village, or township shall publish provide a notice of intent to

 


issue the municipal security. The notice of intent shall be

 

directed to the electors of the county, city, village, or township.

 

, Through December 31, 2014, the notice of intent shall be

 

published in a newspaper that has general circulation in the

 

county, city, village, or township. , and The notice of intent

 

shall state the maximum amount of municipal securities to be

 

issued, the purpose of the municipal securities, the source of

 

payment, the right of referendum on the issuance of the municipal

 

securities, and any other information the county, city, village, or

 

township determines necessary to adequately inform the electors of

 

the nature of the issue. The Through December 31, 2014, the notice

 

of intent shall not be less than 1/4 page in size in the newspaper.

 

Beginning January 1, 2015, the county, city, village, or township

 

shall provide the notice of intent using tier A public notice as

 

provided in the local government public notice act. If, within 45

 

days after the publication providing notice of the notice of

 

intent, a petition, signed by not less than 10% or 15,000 of the

 

registered electors, whichever is less, residing within the county,

 

city, village, or township, is filed with the governing body of the

 

county, city, village, or township, requesting a referendum upon

 

the question of the issuance of the municipal securities, then the

 

municipality shall not issue the municipal securities until

 

authorized by the vote of a majority of the electors of the county,

 

city, village, or township qualified to vote and voting on the

 

question at a general or special election. A special election

 

called for this purpose shall not be included in a statutory or

 

charter limitation as to the number of special elections to be

 


called within a period of time. Signatures on the petition shall be

 

verified by a person under oath as the actual signatures of the

 

persons whose names are signed to the petition, and the governing

 

body of the county, city, village, or township shall have the same

 

power to reject signatures and petitions as city clerks under

 

section 25 of the home rule city act, 1909 PA 279, MCL 117.25. The

 

number of registered electors in the county, city, village, or

 

township shall be determined by the governing body of the county,

 

city, village, or township.

 

     (3) Municipal securities issued under subsection (1) by a

 

county, city, village, or township shall not exceed 5% of the state

 

equalized valuation of the property assessed in that county, city,

 

village, or township.

 

     Enacting section 1. This amendatory act does not take effect

 

unless House Bill No. 5560 of the 97th Legislature is enacted into

 

law.