Michigan Compiled Laws — MICHIGAN FINANCIAL REVIEW COMMISSION ACT (Act 181 of 2014)

Short title.

This act shall be known and may be cited as the "Michigan financial review commission act".

Legislative findings and declarations.

The legislature finds and declares the following: (a) It is the public policy of this state to exercise its sovereign powers with regard to debt issuance and matters of statewide concern in a manner calculated to foster the fiscal integrity of all municipal governments and school districts to assure that those municipa…

Definitions.

As used in this act: (a) "Applicable contract" means a contract for goods or services proposed or entered into by a qualified city or school district that either exceeds $750,000.00, or a higher amount as determined by the commission, or is for a term exceeding 2 years. Applicable contract also includes multiple contra…

Financial review commission; creation; powers, duties, functions, and responsibilities; budgeting, procurement, personnel, and related management functions; qualified school district.

(1) Except as provided in subsection (2), a financial review commission is created within the department of treasury for each qualified city and each qualified school district. Except as otherwise provided in this act, a commission shall exercise its powers, duties, functions, and responsibilities under this act indepe…

(1) Except as otherwise provided in subsection (2), each commission shall consist of the following 9 members: (a) The state treasurer, who shall serve for the duration of his or her term of office. (b) The director of the department of technology, management, and budget or successor agency, or his or her designee, who…

Duties of commission; review and approval of applicable contracts; reports; approval of collective bargaining agreements; supplementary information; certification and report of debt service.

(1) The commission shall provide oversight for a qualified city beginning on the effective date of the plan for adjustment or of this act, whichever is later. The commission shall provide oversight for a qualified school district beginning on the date the school district becomes a qualified school district. (2) The com…

Commission; powers.

A commission may do 1 or more of the following for its qualified city or qualified school district: (a) For a qualified city, review and approve that qualified city's consensus revenue estimate under section 4t of the home rule city act, 1909 PA 279, MCL 117.4t. The commission may also, after consultation with the qual…

Waiver; resolution; conditions; rescission; reversal.

(1) Notwithstanding section 6, for its qualified city or qualified school district, a commission shall, by resolution, waive the requirements designated in sections 6 and 7 as provided in subsection (2). (2) The commission shall grant a waiver under this section for its qualified city or qualified school district if it…

Commission as public and governmental purpose.

Each commission, and the carrying out of its authorized purposes under this act, is in all respects a public and governmental purpose for the benefit of the people of this state and for the improvement of their health, safety, welfare, comfort, and security. These purposes are public purposes, and the commission will b…

Appropriation.

For the fiscal year ending September 30, 2014, $900,000.00 is appropriated from the general fund/general purpose to the department of treasury to be expended to provide commissions with the resources to exercise its powers, duties, and responsibilities under this act and as required by this state to enforce this act an…

Dissolution; release of qualified city or qualified school district from oversight; qualified school district subject to emergency manager.

(1) Subject to subsections (2) and (3), if a commission has waived the requirements of sections 6 and 7 under section 8 each year for the immediately preceding 10 consecutive fiscal years, and the plan for adjustment, if applicable, has expired, the commission shall, by resolution, dissolve itself. All property, funds,…

Court of claims; jurisdiction.

Each commission is a state commission, and the members are state officers for the purposes of section 6419 of the revised judicature act of 1961, 1961 PA 236, MCL 600.6419. The court of claims shall have exclusive jurisdiction over any and all actions challenging the validity of this act.