Bill Text: MI HB5645 | 2015-2016 | 98th Legislature | Introduced

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Bill Title: Education; financing; compensation to this state for interest payments on certain debt obligations issued by the state; require certain school districts to pay. Amends 1976 PA 451 (MCL 380.1 - 380.1852) by adding sec. 429. TIE BAR WITH: HB 5644'16

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-05-12 - Bill Electronically Reproduced 05/11/2016 [HB5645 Detail]

Download: Michigan-2015-HB5645-Introduced.html

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HOUSE BILL No. 5645

May 11, 2016, Introduced by Rep. Lucido and referred to the Committee on Appropriations.

 

     A bill to amend 1976 PA 451, entitled

 

"The revised school code,"

 

(MCL 380.1 to 380.1852) by adding section 429.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 429. If a first class school district receives the

 

benefit of state general obligation bonds that are issued under the

 

Michigan first class school district bond authorization act to pay

 

the bonded debt of the first class school district, then each year

 

the first class school district shall pay to this state from its

 

operating funds the amount necessary to pay the interest on the

 

bonds issued by this state under the Michigan first class school

 

district bond authorization act. The amount of the payment to this

 

state required under this section shall be determined by the state

 

treasurer, and the payment shall be made in the form and manner

prescribed by the state treasurer.

 

     Enacting section 1. This amendatory act takes effect 90 days

 

after the date it is enacted into law.

 

     Enacting section 2. This amendatory act does not take effect

 

unless Senate Bill No. ____ or House Bill No. 5644 (request no.

 

05748'16) of the 98th Legislature is enacted into law.