Introduced
by
To allow municipalities to stretch out further into the future the repayment period on certain loans, despite restrictions imposed by a <a href="http://www.michiganvotes.org/2002-SB-1314">2002 law</a> prohibiting this when it has the effect of increasing the overall amount that must be repaid (in net "present value" terms).
Referred to the Committee on Banking and Financial Services
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Amendment offered
by
To require a municipality to get permission from the Department of Treasury to do one of the loan extensions the bill would allow, and require the Department to give an explanation if permission is denied.
The amendment passed by voice vote
Passed in the House 98 to 8 (details)
Referred to the Committee on Finance
Substitute offered
To replace the previous version of the bill with one that adds some restrictions to the proposed exemption.
The substitute passed by voice vote
Passed in the Senate 33 to 0 (details)
To allow municipalities to stretch out further into the future the repayment period on certain loans, despite restrictions imposed by a <a href="http://www.michiganvotes.org/2002-SB-1314">2002 law</a> prohibiting this when it has the effect of increasing the overall amount that must be repaid (in net "present value" terms).
Passed in the House 86 to 7 (details)
To concur with the Senate-passed version of the bill.
