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2011 House Bill 5195: Revise school district deficit spending loan details

Public Act 2 of 2011

Introduced by Rep. Fred Durhal, III D-Detroit on December 1, 2011
To establish that when a fiscally failing school district enters an agreement with the state for direct payment to bondholders of future school aid money pledged to cover debt service on money borrowed by the district to cover deficit spending, the priority of these bondholders will be honored by the state, except that repayment is subject to any subsequent reduction of school aid payments to the district. See also House Bill 5194.   Official Text and Analysis.
Referred to the House Appropriations Committee on December 1, 2011
Reported in the House on December 7, 2011
Without amendment and with the recommendation that the bill pass.
Amendment offered by Rep. Chuck Moss R-Birmingham on December 8, 2011
To clarify the application of the proposed law to school districts that have already engaged in borrowing to cover deficit spending.
The amendment passed by voice vote in the House on December 8, 2011
Received in the Senate on December 13, 2011
Referred to the Senate Appropriations Committee on December 13, 2011
Reported in the Senate on December 15, 2011
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered in the Senate on December 15, 2011
To replace the previous version of the bill with one that revises details but does not change the substance as previously described.
The substitute passed by voice vote in the Senate on December 15, 2011
Received in the House on December 15, 2011
Signed by Gov. Rick Snyder on February 7, 2012