Introduced in the House on October 14, 2003, to allow financially challenged and distressed municipalities which are under emergency financial management to take on more bonded indebtedness under certain circumstances. The debt could be increased to as much as 20 percent of the assessed value of all property in the city (the maximum under current law is 10 percent). A vote of the people would not be required for the new bonds. The bill was introduced because the City of Highland Park, which is essentially bankrupt, may not be able to meet a February 2004 pension payment
The vote was 82 in favor, 26 opposed and 2 not voting
(House Roll Call 562 at House Journal 77)
Click here to view bill details.