2012 House Bill 5570 / Public Act 288

Increase allowable local government and school “deficit spending” debt

Introduced in the House

April 24, 2012

Introduced by Rep. Bill Rogers (R-66)

To revise details of a law that allows the state to in effect “lend” its good credit rating to less fiscally sound school districts and local governments, so as to enable the state lending and local borrowing House Bill 5566 would authorize to cover deficit spending that exceeds their current revenues.

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

May 30, 2012

Reported without amendment

Without amendment and with the recommendation that the bill pass.

June 7, 2012

Passed in the House 76 to 31 (details)

Received in the Senate

June 12, 2012

Referred to the Committee on Appropriations

July 18, 2012

Reported without amendment

With the recommendation that the bill pass.

Passed in the Senate 29 to 8 (details)

To revise details of a law that allows the state to in effect “lend” its good credit rating to less fiscally sound school districts and local governments, so as to enable the state lending and local borrowing House Bill 5566 would authorize to cover deficit spending that exceeds their current revenues.

Motion by Sen. Tupac Hunter (D-5)

To give the bill immediate effect.

The motion passed 29 to 8 (details)

Signed by Gov. Rick Snyder

Aug. 1, 2012