Bill Text: MI HB5965 | 2025-2026 | 103rd Legislature | Introduced
Bill Title: Local government: bonds; certain loans; exempt from definition of municipal security under the revised municipal finance act. Amends sec. 105 of 2001 PA 34 (MCL 141.2105).
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced) 2026-05-14 - Bill Electronically Reproduced 05/13/2026 [HB5965 Detail]
Download: Michigan-2025-HB5965-Introduced.html
HOUSE BILL NO. 5965
A bill to amend 2001 PA 34, entitled
"Revised municipal finance act,"
by amending section 105 (MCL 141.2105), as amended by 2018 PA 508.
the people of the state of michigan enact:
Sec. 105. A municipal security does not include any of the following:
(a) A contract for the purchase of real or personal property.
(b) A contract for the lease of real or personal property with or without an option to purchase.
(c) A contract, lease, note, or other security given in connection with a contract described in subdivision (a) or (b).
(d) A security that is evidence of an emergency loan under section 1 of 1855 PA 105, MCL 21.141, in conjunction with the emergency municipal loan act, 1980 PA 243, MCL 141.931 to 141.942, or qualified agricultural loans under section 2a of 1855 PA 105, MCL 21.142a.
(e) A mortgage secured by real property and its corresponding security to the extent secured by the mortgage.
(f) A contract between 1 or more municipalities under whose terms 1 or more municipalities pledge their revenues or full faith and credit to secure payment of a proposed municipal security issued by 1 of the municipalities.
(g) A loan from the state infrastructure bank as described in section 18m of 1951 PA 51, MCL 247.668m.
(h) A loan from the safeguarding tomorrow revolving loan fund as described in section 19a of the emergency management act, 1976 PA 390, MCL 30.419a.
Enacting section 1. This amendatory act does not take effect unless Senate Bill No. ____ (request no. S06520'26) or House Bill No. ____ (request no. H06520'26) of the 103rd Legislature is enacted into law.
