2008 Senate Bill 1253 / Public Act 404

Allow investment of local park funds

Introduced in the Senate

April 15, 2008

Introduced by Sen. John Pappageorge (R-13)

To allow local governments that have a special revenue fund for park operations and maintenance to invest the money in the fund in stocks and bonds (rather than just keep it in a bank account).

Referred to the Committee on Local, Urban, and State Affairs

June 12, 2008

Reported without amendment

With the recommendation that the bill pass.

June 18, 2008

Passed in the Senate 37 to 0 (details)

Received in the House

June 18, 2008

Referred to the Committee on Intergovernmental, Urban, and Regional Affairs

Dec. 3, 2008

Reported without amendment

With the recommendation that the substitute (H-2) be adopted and that the bill then pass.

Dec. 18, 2008

Substitute offered

To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.

The substitute passed by voice vote

Passed in the House 93 to 16 (details)

To allow local governments that have a special revenue fund for park operations and maintenance to invest the money in the fund in stocks and bonds (rather than just keep it in a bank account).

Received in the Senate

Dec. 18, 2008

Passed in the Senate 37 to 0 (details)

To concur with the House-passed version of the bill.

Signed by Gov. Jennifer Granholm

Dec. 31, 2008