SENATE BILL No. 832

November 29, 2001, Introduced by Senator SMITH and referred to the Committee on

Finance.

A bill to amend 1955 PA 70, entitled

"An act to authorize cities to acquire and operate exhibition

areas for commercial, industrial and agricultural products; to

provide for the issuance of bonds to finance the cost thereof; to

authorize the fixing and collecting of fees and other charges for

the use of facilities therein; and to authorize the making of

reasonable rules and regulations relative to the public use of

facilities therein,"

by amending section 5 (MCL 123.655).

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

1 Sec. 5. Any city may issue bonds pledging the full faith

2 and credit of the city for the purpose of acquiring any facility

3 or facilities herein AS authorized IN THIS ACT when such

4 issue THE ISSUANCE of bonds has been approved by a 3/5 vote in

5 favor thereof of THE ISSUANCE BY the electors of such THE

6 city voting thereon at any regular or special election. The

7 issue and sale of such THE bonds shall be IS subject to the

8 provisions of Act No. 202 of the Public Acts of 1943, as

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1 amended, being sections 131.1 to 138.2, inclusive, of the

2 Compiled Laws of 1948: Provided, That the REVISED MUNICIPAL

3 FINANCE ACT, 2001 PA 34, MCL 141.2101 TO 141.2821. THE legisla-

4 tive body of the city shall appropriate annually for the payment

5 of principal and interest on such THE bonds, sufficient of the

6 revenues derived from the operation of the exhibition area or

7 areas for which bonds are issued above the amount required to

8 meet the reasonable expenses of administration, operation, and

9 maintenance of such THE facilities.

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