2002 Senate Bill 1175 ↩

House Roll Call 1019: Passed

To modify the bonding authority of the Higher Education Facilities Authority so as to conform to changes made to the municipal finance act by Senate Bill 29, now Public Act 34 of 2001. That bill made important changes to the procedures, requirements, and restrictions imposed on borrowing and debt issuance by local units of government and governmental authorities. (For more information on those changes see the description of Senate Bill 29.) This is one of more than 100 House and Senate bills amending different public acts. The bill was amended in the House to allow the Higher Education Facilities Authority to enter into interest rate exchange, swap, hedge, or similar agreements (so-called “derivatives”) on its bonds or notes.