H.R.4308 - Detroit Growth and Stability Act of 2012112th Congress (2011-2012)
|Sponsor:||Rep. Clarke, Hansen [D-MI-13] (Introduced 03/29/2012)|
|Committees:||House - Oversight and Government Reform|
|Latest Action:||House - 03/29/2012 Referred to the House Committee on Oversight and Government Reform. (All Actions)|
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Summary: H.R.4308 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in House (03/29/2012)
Detroit Growth and Stability Act of 2012 - Authorizes the Secretary of the Treasury to: (1) make loans to a financing agent authorized by the state of Michigan to act on behalf of the city of Detroit, Michigan, for which the financing agent and the city shall be jointly and severally liable; and (2) require the city and the financing agent to provide security for such loans. Limits the aggregate amount of loans outstanding to $500 million. Terminates the authority of the Secretary to make such loans on January 1, 2016.
Establishes in the Treasury the City of Detroit Growth and Stability Fund for purposes of making such loans.