HB 5978 Summary

• Amends the Hospital Finance Authority Act (1969 PA 38) to add definitions related to hospital facilities and financing authority operations.

• Defines "transit-oriented facility" as a facility that houses a transit station in a manner that promotes transit ridership or passenger rail use.

• Includes transit-oriented facilities as eligible hospital facilities that authorities may finance through bonds or loans.

• Maintains existing definitions for state authority, local authority, incorporating units, hospitals, hospital facilities, and project costs under the act.

• Permits authorities to finance retirement housing facilities for refinancing or refunding debt that occurred before September 1, 1994, without requiring state volume limitation allocations for tax-exempt obligations.