REFERENCES TO REVISED MFA - S.B. 866 (S-1) & 867: FLOOR ANALYSIS
Senate Bill 866 (Substitute S-1 as reported)
Senate Bill 867 (as reported without amendment)
Sponsor: Senator Joe Young, Jr.
Committee: Finance
CONTENT
Senate Bill 866 (S-1) would amend Public Act 298 of 1917 (which allows cities and villages to levy a tax and issue bonds for collecting garbage and constructing a garbage disposal plant or system) to specify that bonds issued under the Act would be subject to the Revised Municipal Finance Act; and to delete provisions that limit the length of the bonds to five years.
In addition, Public Act 298 states that a city or village may levy a tax of up to three mills on the "dollar on" taxable property. The bill would refer, instead, to the "taxable value" of taxable property.
Senate Bill 867 would amend the Garbage Disposal Act to delete references to the Municipal Finance Act and replace them with references to the Revised Municipal Finance Act. In addition, the bill would delete provisions in the Garbage Disposal Act pertaining to unspent bond proceeds remaining after completion of a garbage disposal equipment system (which, with the approval of the Department of Treasury, may be used in part to enlarge the system).
MCL 123.261 (S.B. 866) - Legislative Analyst: G. Towne
123.364 & 123.367 (S.B. 867)
FISCAL IMPACT
The bills would have no fiscal impact on State or local government.
Date Completed: 2-4-02 - Fiscal Analyst: D. Zin
floor\sb866 - Analysis available @ http://www.michiganlegislature.org
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.