A bill to amend 1966 PA 346, entitled “State housing development authority act of 1966,” by amending section 30 (MCL 125.1430), as amended by 1982 PA 506.
House Bill 5030 proposes modifications to the State Housing Development Authority Act of 1966. Specifically, it amends Section 30 to grant the State Housing Development Authority the power to use available funds to purchase its own notes or bonds. These purchased notes or bonds can then be canceled at specified redemption prices, which vary depending on whether they are currently redeemable or will become redeemable on a future date. Additionally, the bill allows the authority to pay a higher price for these notes or bonds if it is determined to be in the authority's best interest.
Co-sponsored by Reps.
Referred to the Committee on Economic Development and Small Business
Reported without amendment
Passed in the House 59 to 49 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
Referred to the Committee on Housing and Human Services
