Introduced
by
To allow schools to repay money owed to the School Bond Loan Fund (SBLF) by borrowing from the Michigan Municipal Bond Authority. The Senate Fiscal Agency reports that as a result of this refinancing, the measure would generate an estimated $100 million for the School Aid Fund. However, to compensate for their transaction costs, the state would forgive up to ten percent of the SBLF loans to school districts repaying their debt. This bill is one of several authorizing accounting and financing changes which Gov. Jennifer Granholm proposed to close a gap between state spending and expected revenue in the Fiscal Year 2003-2004 budget. It is part of a legislative package comprised of Senate Bills 572 and 573.
Referred to the Committee on Appropriations
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 38 to 0 (details)
Referred to the Committee on Appropriations
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one containing technical changes related to the refinancing package.
The substitute passed by voice vote
Passed in the House 108 to 0 (details)
To allow schools to repay money owed to the School Bond Loan Fund (SBLF) by borrowing from the Michigan Municipal Bond Authority. The Senate Fiscal Agency reports that as a result of this refinancing, the measure would generate an estimated $100 million for the School Aid Fund. However, to compensate for their transaction costs, the state would forgive up to ten percent of the SBLF loans to school districts repaying their debt. This bill is one of several authorizing accounting and financing changes which Gov. Jennifer Granholm proposed to close a gap between state spending and expected revenue in the Fiscal Year 2003-2004 budget. It is part of a legislative package comprised of Senate Bills 572 and 573.
Passed in the Senate 36 to 0 (details)
To concur with the House-passed version of the bill.
