Michigan Modernizes Municipal Finance Law.

• Position: New Briefs - Brief Article

* As of March 1, 2002, Michigan municipalities will have significantly more flexibility in issuing debt. Intended to streamline and modernize municipal finance, the Revised Municipal Finance Act (Act 34) authorizes the use of several new types of securities, including bond anticipation notes (BANs), grant anticipation notes (GANs), and limited tax general obligation bonds. In addition, municipalities that file their audits to the Department of Treasury within six months of the end of their fiscal year will be exempted from the requirement to obtain state approval of securities until the next audit...