2001 Senate Bill 859 ↩

Senate Roll Call 160: Passed

To modify the bonding authority of the urban cooperation act so as to conform to changes made to the municipal finance act by Senate Bill 29, now Public Act 34 of 2001. That bill made important changes to the procedures, requirements, and restrictions imposed on borrowing and debt issuance by local units of government and governmental authorities. For more information on those changes see the description of Senate Bill 29. This is one of more than 100 House and Senate bills amending different public acts to conform with the new law. Senate Bill 859 also adds specific bonding authorization for entities created by interlocal agreements between local governments (for example, to jointly provide some service), caps the indebtedness of such entities at two mills, and specifies that the debt belongs to the entity itself, not to the constituent local governments.