MI HB5644

Authorizes Michigan to borrow and issue up to $515,000,000 in general obligation bonds to pay bonded debt and other obligations of first class school districts.

Pledges the full faith and credit of the state to guarantee payment of bond principal and interest.

Requires submission of the bond authorization question to Michigan voters at the next November general election, with approval requiring majority vote.

Establishes that bond proceeds, premiums, accrued interest, and earnings be deposited in a restricted state treasury fund and used only for authorized purposes including bond issuance expenses.

Mandates annual appropriations from the general fund and Michigan infrastructure repair fund to cover principal, interest, and incidental costs of outstanding bonds.