To allow a city of Lansing "building authority" to refinance debt incurred to build garage structures with new loans that have maturities beyond what is currently allowed, and exempt these from a <a href="http://www.michiganvotes.org/2001-SB-29">2001 law</a> that restricts refinancing if there is no overall benefit to the municipality. Lansing wants to extend its loans for cash flow purposes, because the extra tax revenue it presumed would result from projects funded by the debt has not been forthcoming. This would be the <a href="http://www.michiganvotes.org/2008-HB-6619">second time</a> the legislature has allowed Lansing to extend debt in a manner not permitted by that 2001 municipal debt reform.
| 110 Yeas / 0 Nays | |
|---|---|
