MI HB6484

Amends the State Building Authority Act to expand the definition of "facilities" to include rail transportation projects and new fixed-guideway transit infrastructure projects.

Authorizes the State Building Authority board to issue up to $100,000,000 in bond proceeds for facilities associated with rail transportation projects or new fixed-guideway transit infrastructure projects.

Extends the authorization period for institutions of higher education to lease capital maintenance improvements from the building authority through September 30, 2012 (previously September 30, 2007).

Establishes procedures for determining true rental amounts for leased facilities through appraisals and allows rental ranges to be specified in approved leases, with actual amounts certified by appraisers and approved by the state administrative board.

Allows the state to lease furnishings and equipment from the building authority under a general form approved by concurrent legislative resolution, with specific property descriptions and rental amounts approved by the administrative board before execution.