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Legislation watch
2009 House Bill 5626: Raise cap on Detroit deficit finance debt
Public Act 4 of 2010
Introduced by Rep. George Cushingberry D- on December 1, 2009
To eliminate a $125 million cap on how much Detroit can borrow to finance its ongoing gap between spending and revenue, and establish in statute that these lenders (bond holders) would have a priority claim on future state revenue sharing payments even if Detroit files bankruptcy. Official Text and Analysis.
Referred to the House Appropriations Committee on December 1, 2009
Reported in the House on December 9, 2009
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Substitute offered in the House on December 10, 2009
To adopt a version that raises rather than eliminates Detroit's deficit financing bond cap.
The substitute passed by voice vote in the House on December 10, 2009
Amendment offered by Rep. Fred Durhal, III D- on December 10, 2009
To revise details of the particular revenue sources pledged to repay the deficit spending bonds.
The amendment passed by voice vote in the House on December 10, 2009
Amendment offered by Rep. Fred Durhal, III D- on December 10, 2009
To clarify which deficit spending bonds will be covered by the revenue pledge guarantees in the bill.
The amendment passed by voice vote in the House on December 10, 2009
Received in the Senate on December 17, 2009
Referred to the Senate Local, Urban, & State Affairs Committee on December 17, 2009
Reported in the Senate on February 2, 2010
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered in the Senate on February 4, 2010
The substitute passed by voice vote in the Senate on February 4, 2010
Received in the House on February 4, 2010
To increase from $125 million to $250 million a cap on how much Detroit can borrow to finance its ongoing gap between spending and revenue, and establish in statute that these lenders (bond holders) would have a priority claim on future state revenue sharing payments even if Detroit files bankruptcy.
Signed by Gov. Jennifer Granholm on February 5, 2010