Introduced
by
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
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Passed in the Senate 36 to 1 (details)
Referred to the Committee on Government Operations
Reported without amendment
Without amendment and with the recommendation that the bill pass.
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.
