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).

Summary

The bill changes the 1964 State Building Authority Act to detail how the authority can issue revenue obligations, what revenues can back them, and how they must be documented. It limits the authority’s total outstanding principal to $2.7 billion, with specific exceptions, and adds procedures for refunding bonds, reserve funds, and interim financing pools. The changes affect the authority, its board, state agencies that lease facilities, and bondholders.

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