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2015 House Bill 4497: Liberalize school debt repayment requirements

Public Act 97 of 2015

Introduced by Rep. Roger Victory (R) on April 21, 2015
To eliminate a requirement that school districts must pay back their debt to a state School Bond Loan Fund by a “final repayment date” determined for each district by the state treasurer. The requirement was instituted by a 2005 law to fix the problem of districts extending debt on old projects by combining with additional borrowing for new projects.   Official Text and Analysis.
Referred to the House Financial Liability Reform Committee on April 21, 2015
Reported in the House on May 13, 2015
Without amendment and with the recommendation that the bill pass.
Passed 108 to 1 in the House on May 21, 2015.
    See Who Voted "Yes" and Who Voted "No".
To eliminate a requirement that school districts must pay back their debt to a state School Bond Loan Fund by a “final repayment date” determined for each district by the state treasurer. The requirement was instituted by a 2005 law to fix the problem of districts extending debt on old projects by combining with additional borrowing for new projects. See also House Bill 4496.
Received in the Senate on May 26, 2015
Referred to the Senate Appropriations Committee on May 26, 2015
Reported in the Senate on June 11, 2015
With the recommendation that the bill pass.
Signed by Gov. Rick Snyder on June 29, 2015

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