December 2, 2014, Introduced by Rep. Price and referred to the Committee on Local Government.
A bill to amend 2001 PA 34, entitled
"Revised municipal finance act,"
by amending section 517 (MCL 141.2517), as amended by 2002 PA 541.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 517. (1) A county, city, village, or township may by
resolution of its governing body, and without a vote of its
electors, issue a municipal security under this section to pay the
cost of any capital improvement items, provided that the amount of
taxes necessary to pay the principal and interest on that municipal
security, together with the taxes levied for the same year, shall
not exceed the limit authorized by law.
(2) If a county, city, village, or township issues a municipal
security under this section, before issuance, the county, city,
village,
or township shall publish provide
a notice of intent to
issue the municipal security. The notice of intent shall be
directed to the electors of the county, city, village, or township.
,
Through December 31, 2014, the
notice of intent shall be
published in a newspaper that has general circulation in the
county,
city, village, or township. , and The
notice of intent
shall state the maximum amount of municipal securities to be
issued, the purpose of the municipal securities, the source of
payment, the right of referendum on the issuance of the municipal
securities, and any other information the county, city, village, or
township determines necessary to adequately inform the electors of
the
nature of the issue. The Through
December 31, 2014, the notice
of intent shall not be less than 1/4 page in size in the newspaper.
Beginning January 1, 2015, the county, city, village, or township
shall provide the notice of intent using tier A public notice as
provided in the local government public notice act. If, within 45
days
after the publication providing
notice of the notice of
intent, a petition, signed by not less than 10% or 15,000 of the
registered electors, whichever is less, residing within the county,
city, village, or township, is filed with the governing body of the
county, city, village, or township, requesting a referendum upon
the question of the issuance of the municipal securities, then the
municipality shall not issue the municipal securities until
authorized by the vote of a majority of the electors of the county,
city, village, or township qualified to vote and voting on the
question at a general or special election. A special election
called for this purpose shall not be included in a statutory or
charter limitation as to the number of special elections to be
called within a period of time. Signatures on the petition shall be
verified by a person under oath as the actual signatures of the
persons whose names are signed to the petition, and the governing
body of the county, city, village, or township shall have the same
power to reject signatures and petitions as city clerks under
section 25 of the home rule city act, 1909 PA 279, MCL 117.25. The
number of registered electors in the county, city, village, or
township shall be determined by the governing body of the county,
city, village, or township.
(3) Municipal securities issued under subsection (1) by a
county, city, village, or township shall not exceed 5% of the state
equalized valuation of the property assessed in that county, city,
village, or township.
Enacting section 1. This amendatory act does not take effect
unless House Bill No. 5560 of the 97th Legislature is enacted into
law.