HOUSE BILL No. 5854


     April 9, 2002, Introduced by Rep. Stewart and referred to the Committee on Tax Policy.


        A bill to amend 1913 PA 261, entitled

   "An act to authorize boards of education to provide for the main-
   tenance of free public libraries existing under the control of
   boards of education of the cities; to authorize and empower said
   boards of education to raise or borrow money and issue bonds in
   sufficient sum to purchase property or site, erect and maintain
   buildings for use as a free public library and other educational
   purposes,"

   by amending section 2 (MCL 397.262).

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

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             Sec. 2.  (1) Boards of education in cities having the con-

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        trol of free public libraries by reason of existing charters or

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        otherwise are hereby authorized and empowered to raise money,

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        either by including the amount in their annual estimates  ,  or

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         to borrow same  BY BORROWING on the faith and credit of  said

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        THE school district  ,  and  to issue  ISSUING certificates or

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        bonds to secure the payment of the  sums  AMOUNT borrowed,  ;

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        sufficient to purchase property for a site and to provide the


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        money necessary to erect, equip, and maintain buildings for a

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        free public library and other educational uses.  :  Provided,

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        That when any bond issue shall be provided for under the terms of

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        this act such bonds shall not be issued for a period of more than

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        10 years.  No bonds

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             (2) BONDS provided for in this act shall NOT be issued until

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        THE QUESTION OF THE issuance of  same shall have  THOSE BONDS HAS

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        been submitted to the electors of the district affected and

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        approved by a majority of the electors voting  thereon  ON THE

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        QUESTION.

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             (3) BONDS ISSUED UNDER THIS ACT ARE SUBJECT TO THE REVISED

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        MUNICIPAL FINANCE ACT, 2001 PA 34, MCL 141.2101 TO 141.2821.
































   03435'01          Final page.                            JLB