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Article: New Michigan law allows cities to issue bonds for Defense Department consolidation sites.
- Article from:
- The Bond Buyer
- Article date:
- December 24, 1992
- Author:
CopyrightCOPYRIGHT 1992 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHICAGO - Gov. John Engler of Michigan has signed into law legislation allowing cities to use income tax revenues to back bonds issued for projects to attract U.S. Defense Department jobs.
The legislation was created to increase the chances for Michigan cities to be chosen by the Defense Department as consolidation sites for its finance and accounting operations.
But the only city the law would benefit is Saginaw, which was recently named one of 20 cities around the nation to be considered as one of the sites. Seven Michigan cities, including Detroit, and 120 communities across the nation submitted proposals for consideration.
Joe Turner, ...