House Passes Mayes' Plan to Help Municipalities Restructure Debt
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PRESS RELEASE: The Michigan House of Representatives on Tuesday passed a plan proposed by State Representative Jeff Mayes (D-Bay City) (Pictured at Right) that will give municipalities more flexibility in restructuring debt.
"Michigan is facing tough economic times and many of our local governments are struggling meet residents' needs," Mayes said. "As home values have fallen, revenues from property taxes too have decreased, putting added pressure on municipalities to find the means to pay off debt. This will give our municipalities more flexibility and control over their finances."
Mayes' plan is part of a five bill package that will allow municipalities to restructure their debt by extending the repayment period. The package is designed to give municipalities refinancing options that do not exist under current law in the event that incoming property tax revenues are insufficient to make existing debt payments.
Mayes expressed his appreciation to the Michigan Municipal League, Michigan Transportation Association and the Michigan Community College Association for supporting his plan.
"The state of our economy has left many Michigan families struggling to make ends meet, as well as many local governments," Mayes said. "Things may get worse before they get better and this plan will help our local governments prepare for that possibility. By passing this package of bills we are giving our local leaders the tools they need to help move our great state forward."
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