Bill Text: MI HB5761 | 2021-2022 | 101st Legislature | Introduced
Bill Title: Local government: bonds; issuance of bonds or notes to finance property assessed clean energy program; modify. Amends sec. 15 of 2010 PA 270 (MCL 460.945).
Spectrum: Slight Partisan Bill (Republican 6-2)
Status: (Introduced - Dead) 2022-03-02 - Referred To Second Reading [HB5761 Detail]
Download: Michigan-2021-HB5761-Introduced.html
HOUSE BILL NO. 5761
A bill to amend 2010 PA 270, entitled
"Property assessed clean energy act,"
by amending section 15 (MCL 460.945).
the people of the state of michigan enact:
Sec. 15. (1) A Subject to subsection (8), a local unit of government may issue bonds or notes to finance energy projects under a property assessed clean energy program.
(2) Bonds or notes issued under subsection (1) shall must not be general obligations of the local unit of government, but shall must be secured by 1 or more of the following as provided by the governing body in the resolution or ordinance approving the bonds or notes:
(a) Payments of assessments on benefited property within the district or districts specified.
(b) Reserves established by the local unit of government from grants, bond or note proceeds, or other lawfully available funds.
(c) Municipal bond insurance, lines or letters of credit, public or private guaranties, standby bond purchase agreements, collateral assignments, mortgages, and any other available means of providing credit support or liquidity, including, but not limited to, arrangements described in section 315 of the revised municipal finance act, 2001 PA 34, MCL 141.2315.
(d) Tax increment revenues that may be lawfully available for such purposes.that purpose.
(e) Any other amounts lawfully available for such purposes.that purpose.
(3) A pledge of assessments, funds, or contractual rights made by a governing body in connection with the issuance of bonds or notes by a local unit of government under this act constitutes a statutory lien on the assessments, funds, or contractual rights so pledged in favor of the person or persons to whom the pledge is given, without further action by the governing body. The statutory lien is valid and binding against all other persons, with or without notice.
(4) Bonds or notes of 1 series issued under this act may be secured on a parity with bonds or notes of another series issued by the local unit of government pursuant to the terms of a master indenture or master resolution entered into or adopted by the governing body of the local unit of government.
(5) Bonds or notes issued under this act are subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.
(6) Bonds or notes issued under this act, and interest payable on such the bonds and notes, are exempt from all taxation by this state and its political subdivisions.
(7) Bonds or notes issued under this act further essential public and governmental purposes, including, but not limited to, reduced energy costs, reduced greenhouse gas emissions, economic stimulation and development, improved property valuation, and increased employment.
(8) A local unit of government shall not issue bonds or notes under this section after the effective date of the amendatory act that added this subsection.
(a) House Bill No. 5011.
(b) House Bill No. 5012.
