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
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.