The Michigan House Local, Intergovernmental and Regional Affairs Committee last week began considering a bill to increase the amount a troubled municipality could borrow from the state to $20 million from $3 million.

The legislation, introduced by Rep. Cindy Denby, R-Fowlerville, would also increase the state’s annual municipal loan fund to $100 million from $5 million. School districts would also be allowed to apply for the loans, which are currently restricted to local municipalities.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.