2015 House Bill 4497 / Public Act 97

Liberalize school debt repayment requirements

Introduced in the House

April 21, 2015

Introduced by Rep. Roger Victory (R-88)

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.

Referred to the Committee on Financial Liability Reform

May 13, 2015

Reported without amendment

Without amendment and with the recommendation that the bill pass.

May 21, 2015

Passed in the House 108 to 1 (details)

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

May 26, 2015

Referred to the Committee on Appropriations

June 11, 2015

Reported without amendment

With the recommendation that the bill pass.

June 17, 2015

Passed in the Senate 38 to 0 (details)

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.

Signed by Gov. Rick Snyder

June 29, 2015