SB 0729
State finance: authorities; outstanding obligations of the state building authority; provide exception to the limit of. Amends sec. 8 of 1964 PA 183 (MCL 830.418).
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- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill modifies the state building authority’s ability to issue revenue obligations to finance state-owned facilities. Specifically, it creates an exception to the existing limit on the total amount of outstanding obligations, allowing the authority to issue up to $2.7 billion in additional debt. The bill also clarifies the sources of revenue that can be used to repay these obligations, including true rental payments and proceeds from the sale of obligations. It addresses refunding obligations and provides flexibility in determining interest rates and terms.
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