Bill Text: MI SB0569 | 2015-2016 | 98th Legislature | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Local government; financing; municipal budget stabilization fund; increase. Amends sec. 3 of 1978 PA 30 (MCL 141.443).

Spectrum: Partisan Bill (Republican 10-0)

Status: (Passed) 2016-08-03 - Assigned Pa 0169'16 With Immediate Effect [SB0569 Detail]

Download: Michigan-2015-SB0569-Introduced.html

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SENATE BILL No. 569

 

 

October 20, 2015, Introduced by Senators NOFS, BRANDENBURG, PAVLOV, HANSEN, MARLEAU, KNOLLENBERG, CASPERSON, SCHMIDT, HORN and SCHUITMAKER and referred to the Committee on Local Government.

 

 

 

     A bill to amend 1978 PA 30, entitled

 

"An act to provide for the creation and use of budget stabilization

funds by counties, cities, villages, and townships,"

 

by amending section 3 (MCL 141.443).

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 3. (1) Each fiscal year following the fiscal year in

 

which a fund is created, the governing body of the municipality

 

which that created the fund may appropriate to the fund, by an

 

ordinance or resolution adopted by a 2/3 vote of the members

 

elected and serving, all or part of a surplus in the general fund

 

resulting from an excess of revenue in comparison to expenses. , to

 

the fund.

 

     (2) A municipality shall not impose additional taxes producing

 

revenue in excess of that needed for its estimated budget in order

 

to provide for money to be appropriated to the fund.

 

     (3) The amount of money in the fund shall not exceed either

 

15% 20% of the municipality's most recent general fund budget, as

 

originally adopted, or 15% 20% of the average of the municipality's

 

5 most recent general fund budgets, as amended, whichever is less.

 

     (4) The money in the fund may be invested as provided by law

 

with the earnings of the fund to be returned to the municipality's

 

general fund.

 

     (5) If the money in the fund exceeds that permitted in

 

subsection (3), the excess money shall be appropriated in the

 

municipality's next general fund budget, but shall not be

 

appropriated to the fund.

 

     Enacting section 1. This amendatory act takes effect 90 days

 

after the date it is enacted into law.