2015 Senate Bill 160 / Public Act 17

Revise Detroit debt-financed spending detail

Introduced in the Senate

Feb. 25, 2015

Introduced by Sen. Darwin Booher (R-35)

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.

Referred to the Committee on Banking and Financial Institutions

March 5, 2015

Reported without amendment

With the recommendation that the substitute (S-1) be adopted and that the bill then pass.

March 18, 2015

Passed in the Senate 36 to 1 (details)

Received in the House

March 18, 2015

Referred to the Committee on Government Operations

March 26, 2015

Reported without amendment

Without amendment and with the recommendation that the bill pass.

April 15, 2015

Passed in the House 107 to 3 (details)

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.

Signed by Gov. Rick Snyder

April 22, 2015