Introduced
by
To authorize the Michigan municipal bond authority to purchase qualified bonds issued by school districts, as proposed by Senate Bill 572. 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. These two bills are among 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.
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 107 to 0 (details)
To authorize the Michigan municipal bond authority to purchase qualified bonds issued by school districts, as proposed by Senate Bill 572. 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. These two bills are among 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.
Passed in the Senate 37 to 0 (details)
To concur with the House-passed version of the bill.
