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2014 House Bill 5650: Revise delinquent municipal borrower's repayment procedure
Introduced by Rep. Mike Shirkey R-Clark Lake 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.   Official Text and Analysis.
Referred to the House Financial Liability Reform Committee on June 11, 2014