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Mackinac Center for Public Policy
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2014 House Bill 5650: Revise delinquent municipal borrower's repayment procedure
  1. Introduced by Rep. Mike Shirkey (R) on June 11, 2014, to establish that lenders who loan money to a local government, with the loan secured by the borrower's "unlimited tax pledge," have a “statutory first lien" (legal claim) on "all taxes subject to the (municipality's) unlimited tax pledge.” Under the bill, such lenders would not have to go to court to establish their claim.
    • Referred to the House Financial Liability Reform Committee on June 11, 2014.