MI SB1070

Extends the deadline for institutions of higher education, the state, and the building authority to enter into leases for capital maintenance improvements from September 30, 2007 to September 30, 2011.

Allows leases for capital maintenance improvements to be approved by concurrent legislative resolution without requiring detailed descriptions of the improvements or rental amounts in the initial approval.

Requires the building authority to retain title to capital maintenance improvements during the lease term and permits alternative methods for determining rental payments, including determinations by businesses specializing in capital maintenance improvements for higher education institutions.

Mandates that the governor and budget director include sufficient funding in the annual state budget to cover all true rental payments required under leases approved under this provision.

Requires state administrative board approval of the specific capital maintenance improvements and rental amounts before lease execution, ensuring fiscal oversight of the leasing arrangements.