HOUSE BILL No. 5624 February 12, 2002, Introduced by Rep. Julian and referred to the Committee on Tax Policy. A bill to amend 1994 PA 451, entitled "Natural resources and environmental protection act," by amending section 4504 (MCL 324.4504), as added by 1995 PA 60. THE PEOPLE OF THE STATE OF MICHIGAN ENACT: 1 Sec. 4504. (1)The bonds shall be issued in 1 or more2series, each series to be in such principal amount, to be dated,3to have such maturities which may be either serial, term, or term4and serial, to bear interest at a rate or rates not to exceed 6%5per annum if issued before September 19, 1982 and not to exceed618% per annum if issued on or after September 19, 1982, to be7subject or not subject to prior redemption and, if subject to8prior redemption with such call premiums, to be payable at such9place or places, to have or not have such provisions for10registration as to principal only or as to both principal and11interest, and to be in such form and to be executed in such05339'01 JLB 2 1manner as determined by resolution to be adopted by the2administrative board.The administrative board may in the reso- 3 lution provide for the investment and reinvestment of bond sales 4 proceeds andsuchANY other details for the bonds and the 5 security of the bondsas may beconsideredto benecessary 6 and advisable.The bonds or any series of the bonds shall be7sold for not less than the par value of the bonds and may be8sold, as authorized by the state administrative board, either at9a public sale or at a publicly negotiated sale. Unless an excep-10tion from prior approval is available pursuant to subsection (2),11the bonds prior to their issuance shall be approved by the12department of treasury, but, except as provided by13subsection (2), shall not otherwise be subject to the municipal14finance act, Act No. 202 of the Public Acts of 1943, being sec-15tions 131.1 to 139.3 of the Michigan Compiled Laws.16 (2)The requirement of subsection (1) for obtaining the17prior approval of the department of treasury before issuing18bondsBONDS ISSUED under this partshall beARE subject to 19sections 10 and 11 of chapter III of Act No. 202 of the Public20Acts of 1943, being sections 133.10 and 133.11 of the Michigan21Compiled Laws, and the department of treasury has the same22authority as provided by section 11 of chapter III of Act No. 20223of the Public Acts of 1943 to issue an order providing or denying24an exception from the prior approval required by subsection (1)25for bonds authorized by this partTHE REVISED MUNICIPAL FINANCE 26 ACT, 2001 PA 34, MCL 141.2101 TO 141.2821. 05339'01 Final page. JLB