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2013 Senate Bill 629: Allow city of Lansing to extend TIFA debt

Public Act 37 of 2014

Introduced by Sen. Rick Jones (R) on October 17, 2013 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 2001 law 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 second time the legislature has allowed Lansing to extend debt in a manner not permitted by that 2001 municipal debt reform.   Official Text and Analysis.
Referred to the Senate Economic Development Committee on October 17, 2013
Reported in the Senate on October 24, 2013 With the recommendation that the bill pass.
Passed 36 to 1 in the Senate on October 31, 2013 (same description)
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 2001 law 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 second time the legislature has allowed Lansing to extend debt in a manner not permitted by that 2001 municipal debt reform.
Received in the House on October 31, 2013
Referred to the House Tax Policy Committee on October 31, 2013
Reported in the House on February 12, 2014 With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered in the House on February 20, 2014
The substitute passed by voice vote in the House on February 20, 2014
Passed 110 to 0 in the House on February 26, 2014 (same description)
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 2001 law 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 second time the legislature has allowed Lansing to extend debt in a manner not permitted by that 2001 municipal debt reform.
Received in the Senate on February 27, 2014
Passed 35 to 1 in the Senate on February 27, 2014
Signed by Gov. Rick Snyder on March 20, 2014

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