REPEAL BONDING STATUTES - S.B. 1060 & 1061: FLOOR ANALYSIS
Senate Bills 1060 and 1061 (as reported without amendment)
Sponsor: Senator Bill Bullard, Jr. (S.B. 1060)
Senator Burton Leland (S.B. 1061)
Committee: Finance
CONTENT
The bill would repeal two statutes that authorize local units of government to borrow money or issue bonds for specific purposes.
Senate Bill 1060 would repeal Public Act 5 of the Extra Session of 1870, which allows a city or village to borrow money to acquire or improve waterworks.
Senate Bill 1061 would repeal Public Act 60 of 1923, which allows a county, in participation with certain cities or villages, to issue bonds to purchase and equip buildings for a public agricultural produce market.
MCL 123.111-123.130 (S.B. 1060) - Legislative Analyst: George Towne
46.101-46.104 (S.B. 1061)
FISCAL IMPACT
The bills would have no fiscal impact on State or local government.
Date Completed: 2-13-02 - Fiscal Analyst: David ZinFloor\sb1060 - Bill Analysis @ http://www.senate.state.mi.us/sfa
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.