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Fiscal Analysis StateBuilding Authority Act Capital Maintenance Projects |
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Bill/Sponsor |
SB 412, Senator M. Prusi |
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House Committee |
Appropriations |
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Analysis |
Summary This amends the State Building Authority (SBA) Act to add 'capital maintenance improvements' as allowable projects to be financed with SBA bond proceeds. The bill defines this as "…an expenditure to provide capital maintenance that is an asset depreciable under the internal revenue code that is used by this state or an institution of higher education." This authority expiresSeptember 30, 2007. As is currently required, the Legislature must still provide cost and construction authorizations for the project in a budget act and to also approve the project's lease agreement among the SBA, State, and institution by resolution. State Fiscal Impact No cost implications are a direct result of this bill. However, enactment of this bill will ensure that the SBA can actually finance several capital outlay projects authorized under PA 10 of 2005. Local Fiscal Impact None. |
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Analyst(s) Al Valenzio |
Mitchell Bean, Director - House Fiscal Agency 124 N. Capitol Avenue, Lansing, MI 48909 Phone: (517)373-8080, Fax: (517)373-5874 http://www.house.mi.gov/hfa |
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