HOUSE BILL No. 5987


     September 27, 2000, Introduced by Rep. Pappageorge and referred to the Committee on Tax Policy.


        A bill to amend 1975 PA 197, entitled

   "An act to provide for the establishment of a downtown develop-
   ment authority; to prescribe its powers and duties; to correct
   and prevent deterioration in business districts; to encourage
   historic preservation; to authorize the acquisition and disposal
   of interests in real and personal property; to authorize the cre-
   ation and implementation of development plans in the districts;
   to promote the economic growth of the districts; to create a
   board; to prescribe its powers and duties; to authorize the levy
   and collection of taxes; to authorize the issuance of bonds and
   other evidences of indebtedness; to authorize the use of tax
   increment financing; to reimburse downtown development authori-
   ties for certain losses of tax increment revenues; and to pre-
   scribe the powers and duties of certain state officials,"

   (MCL 125.1651 to 125.1681) by adding section 16a.

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

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           SEC. 16A.  IF A MUNICIPALITY PLEDGES ANY PORTION OF THE GEN-

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      ERAL FUND OF THE MUNICIPALITY AND ISSUES ANY BOND OTHER THAN A

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      GENERAL OBLIGATION BOND OR A REVENUE BOND UNDER THIS ACT, THE

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      MUNICIPALITY SHALL PROVIDE FOR AND PUBLISH A NOTICE OF INTENT AS




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      PROVIDED IN SECTION 10 OF CHAPTER 5 OF THE MUNICIPAL FINANCE ACT,

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      1943 PA 202, MCL 135.10.




















































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