MI HB5666

Removes the requirement that qualified loan interest rates be the greater of 3% or the average annual cost of funds, allowing rates to be calculated as simply the average annual cost of funds plus 0.125%

Eliminates the provision requiring qualified loan interest rates not be less than the cost of funds on outstanding qualified notes and bonds issued by the Michigan finance authority

Clarifies that the date reference in subsection (8)(c) regarding rate determinations to prevent contract impairment is March 28, 2013

Maintains existing provisions allowing the state treasurer to set alternative interest rates based on federal tax exemption requirements or to prevent contract impairment