Introduced by Sen. Darwin Booher (R) on February 25, 2015
To revise details of a 2011 law that expanded allowable debt-financed deficit spending by Detroit, to clarify a provision allowing some city revenue to held in trust for certain creditors. Specifically, it strengthen the legal claims of certain lenders on future city revenue. Official Text and Analysis.
Referred to the Senate Banking and Financial Institutions Committee on February 25, 2015
Reported in the Senate on March 5, 2015
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.