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2013 Senate Bill 630: Allow city of Lansing to extend TIFA debt

Public Act 38 of 2014

  1. Introduced by Sen. Rick Jones (R) on October 17, 2013, to allow a city of Lansing “tax increment finance authority” to refinance debt incurred to build garage structures with new loans that have maturities beyond what is currently allowed, and exempt these from a 2001 law that restricts refinancing loans if there is no overall benefit to the municipality. Lansing wants to extend its loans for cash flow purposes, because the extra tax revenue it presumed would result from projects funded by the debt has not been forthcoming. This would be the second time the legislature has allowed Lansing to extend debt in a manner not permitted by that 2001 municipal debt reform.
    • Referred to the Senate Economic Development Committee on October 17, 2013.
      • Reported in the Senate on October 24, 2013, with the recommendation that the bill pass.
  2. Passed 36 to 1 in the Senate on October 31, 2013.
    Who Voted "Yes" and Who Voted "No"

  3. Received in the House on October 31, 2013.
    • Referred to the House Tax Policy Committee on October 31, 2013.
      • Reported in the House on February 12, 2014, with the recommendation that the substitute (H-1) be adopted and that the bill then pass.
    • Substitute offered in the House on February 20, 2014. The substitute passed by voice vote in the House on February 20, 2014.
  4. Passed 110 to 0 in the House on February 26, 2014, to allow a city of Lansing “tax increment finance authority” to refinance debt incurred to build garage structures with new loans that have maturities beyond what is currently allowed, and exempt these from a 2001 law that restricts refinancing loans if there is no overall benefit to the municipality. Lansing wants to extend its loans for cash flow purposes, because the extra tax revenue it presumed would result from projects funded by the debt has not been forthcoming. This would be the second time the legislature has allowed Lansing to extend debt in a manner not permitted by that 2001 municipal debt reform.
    Who Voted "Yes" and Who Voted "No"

  5. Received in the Senate on February 27, 2014.
  6. Passed 35 to 1 in the Senate on February 27, 2014.
    Who Voted "Yes" and Who Voted "No"

  7. Signed by Gov. Rick Snyder on March 20, 2014.

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