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2011 Senate Bill 771: Revise school bond details

Public Act 438 of 2012

Introduced by Sen. Phil Pavlov (R) on October 20, 2011
To essentially cap at $1.5 billion the amount of debt guaranteed by the state School Bond Loan Fund, which allows school districts to get the state’s credit rating when they borrow for capital projects. The bill would also prohibit districts from using the fund if they can’t themselves meet projected debt service payments for a particular project, and impose a final mandatory repayment date, which among other things would require districts to completely pay off previous loans before using the fund to back any new ones. This proposal is accomplished by a package consisting of Senate Bills 770 to 772.   Official Text and Analysis.
Referred to the Senate Appropriations Committee on October 20, 2011
Reported in the Senate on May 17, 2012
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered in the Senate on June 6, 2012
The substitute passed by voice vote in the Senate on June 6, 2012
Passed 25 to 12 in the Senate on June 7, 2012.
    See Who Voted "Yes" and Who Voted "No".
To essentially cap at $18 billion the amount of debt guaranteed by the state School Bond Loan Fund, which allows school districts to get the state’s credit rating when they borrow for capital projects. The bill would also prohibit districts from using the fund if they can’t themselves meet projected debt service payments for a particular project, and impose a final mandatory repayment date, which among other things would require districts to completely pay off previous loans before using the fund to back any new ones. This proposal is accomplished by a package consisting of Senate Bills 770 to 772.
Received in the House on June 7, 2012
Referred to the House Appropriations Committee on June 7, 2012
Reported in the House on December 5, 2012
Without amendment and with the recommendation that the bill pass.
Signed by Gov. Rick Snyder on December 22, 2012

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