2003 Senate Bill 573 ↩

House Roll Call 322: Passed

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.