Introduced
by
To eliminate a $125 million cap on how much Detroit can borrow to finance its ongoing gap between spending and revenue, and establish in statute that these lenders (bond holders) would have a priority claim on future state revenue sharing payments even if Detroit files bankruptcy.
Referred to the Committee on Appropriations
Reported without amendment
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Substitute offered
To adopt a version that raises rather than eliminates Detroit's deficit financing bond cap.
The substitute passed by voice vote
Amendment offered
by
To revise details of the particular revenue sources pledged to repay the deficit spending bonds.
The amendment passed by voice vote
Amendment offered
by
To clarify which deficit spending bonds will be covered by the revenue pledge guarantees in the bill.
The amendment passed by voice vote
Passed in the House 75 to 33 (details)
To increase from $125 million to $250 million a cap on how much Detroit can borrow to finance its ongoing gap between spending and revenue, and establish in statute that these lenders (bond holders) would have a priority claim on future state revenue sharing payments even if Detroit files bankruptcy.
Referred to the Committee on Local, Urban, and State Affairs
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
The substitute passed by voice vote
Passed in the Senate 30 to 6 (details)
To increase from $125 million to $250 million a cap on how much Detroit can borrow to finance its ongoing gap between spending and revenue, and establish in statute that these lenders (bond holders) would have a priority claim on future state revenue sharing payments even if Detroit files bankruptcy.
Passed in the House 75 to 30 (details)
