2001 House Bill 5415 / 2002 Public Act 181

Introduced in the House

Nov. 1, 2001

Introduced by Rep. Chris Kolb (D-53)

To amend certain bonding authority contained in the Revised School Code so that it conforms to the changes in the law caused by Senate Bill 29, now Public Act 34 of 2001. Among other things that law authorized local units of government, school districts, and other bonding authorities, to issue debt without prior Department of Treasury approval if they file an annual audit report demonstrating financial soundness. That law authorizes “budget bonds,” now prohibited, which are paid out of the operating budget and do not require a vote of the people, and negotiated bond sales, rather than competitive sales, now required for larger issues. The new law also limits the issuance of refunding bonds and zero-coupon bonds to instances where they actually save taxpayer dollars. See also House Bills 5404 to 5423.

Referred to the Committee on Commerce

Jan. 30, 2002

Substitute offered by Rep. Chris Kolb (D-53)

To replace the previous version of the bill with a version recommended by the committee which reported it. The substitute incorporates changes resulting from committee testimony and deliberation. These changes do not affect the substance of the bill as previously described.

The substitute passed by voice vote

Feb. 6, 2002

Passed in the House 106 to 0 (details)

Received in the Senate

Feb. 6, 2002

To amend certain bonding authority contained in the Revised School Code so that it conforms to the changes in the law caused by Senate Bill 29, now Public Act 34 of 2001. Among other things that law authorized local units of government, school districts, and other bonding authorities, to issue debt without prior Department of Treasury approval if they file an annual audit report demonstrating financial soundness. That law authorizes “budget bonds,” now prohibited, which are paid out of the operating budget and do not require a vote of the people, and negotiated bond sales, rather than competitive sales, now required for larger issues. The new law also limits the issuance of refunding bonds and zero-coupon bonds to instances where they actually save taxpayer dollars. See also House Bills 5404 to 5423.

March 21, 2002

Passed in the Senate 35 to 0 (details)

Received

Substitute offered by Sen. Joanne Emmons (R-23)

To reconsider the vote by which the bill was passed.

The substitute passed by voice vote

Substitute offered by Sen. Joanne Emmons (R-23)

To replace the previous version of the bill with a version with technical changes that do not affect the substance of the bill as previously described.

The substitute passed by voice vote

Passed in the Senate 35 to 0 (details)

To amend certain bonding authority contained in the Revised School Code so that it conforms to the changes in the law caused by Senate Bill 29, now Public Act 34 of 2001. Among other things that law authorized local units of government, school districts, and other bonding authorities, to issue debt without prior Department of Treasury approval if they file an annual audit report demonstrating financial soundness. That law authorizes “budget bonds,” now prohibited, which are paid out of the operating budget and do not require a vote of the people, and negotiated bond sales, rather than competitive sales, now required for larger issues. The new law also limits the issuance of refunding bonds and zero-coupon bonds to instances where they actually save taxpayer dollars.

Received in the House

March 21, 2002

April 11, 2002

Passed in the House 99 to 0 (details)

Received in the Senate

April 11, 2002

Signed by Gov. John Engler

April 23, 2002