2023 House Bill 4842

Property: state buildings; pool of obligations to meet interim financing needs; modify.

A bill to amend 1964 PA 183, entitled “An act creating the state building authority with power to acquire, construct, furnish, equip, own, improve, enlarge, operate, mortgage, and maintain facilities for the use of the state or any of its agencies; to act as a developer or co-owner of facilities as a condominium project for the use of the state or any of its agencies; to authorize the execution of leases pertaining to those facilities by the building authority with the state or any of its agencies; to authorize the payment of true rentals by the state; to provide for the issuance of revenue obligations by the building authority to be paid from the true rentals to be paid by the state and other resources and security provided for and pledged by the building authority; to authorize the creation of funds; to authorize the conveyance of lands by the state or any of its agencies for the purposes authorized in this act; to authorize the appointment of a trustee for bondholders; to permit remedies for the benefit of parties in interest; to provide for other powers and duties of the authority; and to provide for other matters in relation to the authority and its obligations,” by amending section 8 (MCL 830.418), as amended by 2012 PA 519.

House Fiscal Agency Analysis

House Bill 4842 would amend 1964 PA 183, which regulates the State Building Authority, to eliminate the requirement that pools of obligations issued by the authority be fully payable to the creditor or creditors within five years.

Introduced in the House

June 22, 2023

Introduced by Rep. Natalie Price (D-5) and six co-sponsors

Co-sponsored by Reps. Samantha Steckloff (D-19), Reggie Miller (D-31), Emily Dievendorf (D-77), Kelly Breen (D-21), Erin Byrnes (D-15) and Brenda Carter (D-53)

Referred to the Committee on Insurance and Financial Services

Oct. 12, 2023

Referred to the Committee on Appropriations

Feb. 14, 2024

Reported without amendment

April 18, 2024

Substitute H-1 offered by Rep. Natalie Price (D-5)

The substitute passed by voice vote

Passed in the House 83 to 22 (details)

Motion to give immediate effect by Rep. Abraham Aiyash (D-9)

The motion prevailed by voice vote

Received in the Senate

April 23, 2024

Referred to the Committee on Finance, Insurance, and Consumer Protection

Oct. 23, 2024

Reported without amendment

Oct. 24, 2024

Referred to the Committee of the Whole

Nov. 13, 2024

Reported without amendment

Dec. 10, 2024

Passed in the Senate 32 to 5 (details)