MI HB4842

Authorizes the State Building Authority to establish pools of revenue obligations to meet interim financing needs, allowing obligations to be issued in one or more series for one or more projects.

Pool resolutions must specify the pool name, maximum maturity date, maximum par amount of obligations outstanding, security provisions, and other necessary terms consistent with the act.

Proceeds from pooled obligations may be used for any authorized purpose, including paying facility costs, refunding outstanding obligations, and acquiring or constructing state facilities.

Requires board approval of facility financing and lease forms before obligations are issued, and mandates state administrative board, legislature, and relevant institution approval of lease forms as required by existing law.

Effective April 2, 2025.