2009 House Bill 5554

Exempt municipal debt from certain restrictions through 2012

Introduced in the House

Oct. 27, 2009

Introduced by Rep. Barb Byrum (D-67)

To revise the law governing the debt and borrowing of local development tax increment finance authorities so as to include certain of their borrowings in the provisions proposed by House Bill 5550, which would allow municipalities to stretch out further into the future the repayment period on certain loans, despite a <a href="http://www.michiganvotes.org/2002-SB-1314">2002 law</a> prohibiting this when it has the effect of increasing the overall amount that must be repaid (in net "present value" terms).

Referred to the Committee on Banking and Financial Services

Jan. 21, 2010

Reported without amendment

With the recommendation that the substitute (H-1) be adopted and that the bill then pass.

March 16, 2010

Amendment offered by Rep. Jeff Mayes (D-96)

To clarify details regarding the application of the proposed provisions to debt for which school tax revenue can be "captured" and used to repay.

The amendment passed by voice vote

Passed in the House 99 to 8 (details)

Received in the Senate

March 17, 2010

Referred to the Committee on Finance