Bill Text: MI SB1080 | 2019-2020 | 100th Legislature | Introduced
Bill Title: Natural resources: inland lakes; length of time that bonds may be issued against the proceeds of special assessments for a lake level project; modify. Amends sec. 30705 of 1994 PA 451 (MCL 324.30705).
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2020-10-21 - Assigned Pa 0221'20 With Immediate Effect [SB1080 Detail]
Download: Michigan-2019-SB1080-Introduced.html
SENATE BILL NO. 1080
September 02, 2020, Introduced by Senator
OUTMAN and referred to the Committee on Environmental Quality.
A bill to amend 1994 PA 451, entitled
"Natural resources and environmental protection act,"
by amending section 30705 (MCL 324.30705), as amended by 2002 PA 215.
the people of the state of michigan enact:
Sec. 30705. (1)
The A special assessment district provided for in section 30704 may issue bonds or lake level orders in
anticipation of special assessments. any of the following in anticipation of the collection of special
assessments:
(a) Bonds or
notes, subject to section 30716.
(b) Lake level
orders.
(2) Bonds or
notes issued under subsection (1) shall have a final maturity date not more
than 40 years after the date of original issuance.
(3) All proceedings relating to the making, levying, and collection of special assessments authorized by this part and the issuance of bonds, notes, or lake level orders in anticipation of the collection of bonds or orders the special assessments shall conform as nearly as possible to the proceedings for levying special assessments and issuing special assessment bonds or lake level orders as set forth in the drain code of 1956, 1956 PA 40, MCL 280.1 to 280.630.
(2) The special assessment district may issue notes in anticipation of special assessments made against lands in the special assessment district or public corporation at large. The final maturity of the notes shall be not later than 10 years from their date. The notes are subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.
(4) (3) A county board by a vote of 2/3 of its members may pledge the full faith and credit of a the county for payment of bonds or notes issued by a special assessment district under subsection (1).
