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MI HB4457
Bill
Status
10/31/2017
Primary Sponsor
Brandt Iden
Click for details
AI Summary
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Authorizes community college boards of trustees to finance energy conservation and operational improvements through installment contracts and lease-purchase agreements with terms not exceeding 20 years or the useful life of improvements, whichever is less.
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Permits lease-purchase agreements to be paid from operating funds, energy savings, capital contributions, or other legally available funds and allows for automatic renewal unless the board takes action to terminate.
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Exempts lease-purchase agreements from the Revised Municipal Finance Act and clarifies they are not classified as municipal securities or debt under that act.
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Provides that lease-purchase agreements terminate automatically at the close of the fiscal year if appropriated funds are no longer available, with the board retaining ownership of improvements throughout the contract term.
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Effective date: January 24, 2018.
Legislative Description
State financing and management; other; certain forms of energy improvement financing for community colleges; provide for. Amends sec. 122 of 1966 PA 331 (MCL 389.122).
Higher education: community colleges
Last Action
Assigned Pa 133'17 With Immediate Effect
10/31/2017