Bill Text: MI HB4545 | 2009-2010 | 95th Legislature | Engrossed
Bill Title: Economic development; other; grant or tax incentives created in the corporate responsibility act; require to comply in the industrial development revenue bonds provision. Amends sec. 3 of 1963 PA 62 (MCL 125.1253).
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-04-14 - Referred To Committee On Finance [HB4545 Detail]
Download: Michigan-2009-HB4545-Engrossed.html
HB-4545, As Passed House, March 25, 2010
SUBSTITUTE FOR
HOUSE BILL NO. 4545
A bill to amend 1963 PA 62, entitled
"Industrial development revenue bond act of 1963,"
by amending section 3 (MCL 125.1253).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 3. (1) A municipality may:
(a) Construct, acquire by gift or purchase, reconstruct,
improve, maintain or repair industrial buildings within or without
the municipality, acquire sites for those activities, and enlarge
or remodel industrial buildings.
(b) Acquire by gift or purchase industrial machinery and
equipment, but only in conjunction with a project whereby the
municipality will construct, acquire by gift or purchase,
reconstruct, improve, or remodel the industrial building in or near
which the industrial machinery or equipment will be located.
(c) Issue revenue bonds to finance the costs of the
acquisition, purchase, construction, reconstruction, or remodeling
of industrial buildings, the acquisition and improvement of sites,
the acquisition of industrial machinery and equipment, and the
refunding of bonds issued pursuant to this act.
(d) Enter into lease or lease purchase agreements with any
person, firm or corporation for the use of the industrial building,
the site therefor and industrial machinery and equipment. The
agreement shall provide that the rents to be charged for the use
shall be fixed and revised from time to time so as to produce
income and revenues sufficient to pay promptly when due the
interest upon and the principal of all bonds issued payable
therefrom after provision has been made for the payment of
operation and maintenance costs. Whenever such agreement shall
relate to industrial machinery or equipment, it shall specify that
the machinery or equipment shall remain in or near the industrial
building until provision has been made for the retirement in full
of all bonds issued therefor unless the industrial machinery and
equipment is replaced without cost to the municipality with similar
machinery and equipment of equivalent value and utility.
(e) Mortgage the industrial building, the site, and any
industrial machinery and equipment in favor of the holders of the
bonds issued therefor.
(f) Sell and convey the industrial building, the site, and any
industrial machinery and equipment, including without limitation
the sale and conveyance thereof subject to a mortgage, for a price
and
at a time which that
the governing body may determine, but a
sale or conveyance shall not be made in a manner that would impair
the rights or interests of the holders of bonds issued payable from
the rentals of the building, site, machinery or equipment.
(2) Beginning April 1, 2010, a municipality shall not enter
into an agreement with a business under this act that has failed to
comply with section 3 of the Michigan corporate responsibility act
or that has failed to disclose a civil or criminal offense as
required by section 3 of the Michigan corporate responsibility act.
The attorney general of this state is responsible for the
enforcement necessary to ensure compliance with this subsection.
