MI SB0629

Allows building authorities to issue negotiable bonds to finance acquisition, improvement, and enlargement of buildings, parking structures, recreational facilities, and stadiums, with lease payments pledged as repayment.

Enables authorities to issue refunding bonds for capital appreciation bonds originally issued on May 17, 1990, and any bonds issued to refund those bonds, under a full faith and credit lease agreement dated November 14, 1989.

Exempts refunding bonds issued before December 31, 2019, from certain requirements of the Revised Municipal Finance Act, including provisions on bond procedures and financing restrictions.

Allows refunding bonds to mature through 2039, notwithstanding earlier maturity dates in the original lease notice of intention.

Takes effect immediately upon approval on March 20, 2014.