This morning, the League and several local leaders testified before the House Banking and Financial Services committee to support HBs 5550-5554, which deal with bond refinancing. League President Jeff Jenks (Mayor Pro Tem, Huntington Woods) spoke along side me about the need for any additional tools that will aid local units of government as they continue to struggle with reduced revenue sharing and declining property taxes. In addition, city officials from Standish and Rogers City testified at the hearing about the benefits these bills would have to their individual communities - as well as communities across the state. These bills amend various acts to allow locals to refinance certain nonvoted bonds in order to avoid potential problems with reduced revenues in the down economy and are identical to bills introduced last session. In the end, the bills were passed 9-0 out of committee! We will be working to try and get these bills moved on the House floor quickly to keep this process rolling.
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