COMMUNITY COLLEGE INVESTMENTS                                                      S.B. 1088 (S-1):

                                                                                                    SUMMARY OF BILL

                                                                                      REPORTED FROM COMMITTEE

Senate Bill 1088 (Substitute S-1 as reported)                                (Senate-passed version)

Sponsor:  Senator Darwin Booher

Committee:  Appropriations

CONTENT

Senate Bill 1088 (S-1) would amend the Community College Act to expand investment options for community colleges' debt retirement funds, building and site funds, building and site sinking funds, or general funds of the community college district. The bill would include investments in obligations of the State or any of its political subdivisions that at the time of purchase are rated as investment grade by at least one standard rating service.

Investments currently permitted include obligations of the State.

MCL 389.142                                                                                                           

FISCAL IMPACT

The bill would have an indeterminate impact on community college districts, which would depend on whether these expanded investment options resulted in a higher return for colleges. 

Date Completed:  11-5-14                                                  Fiscal Analyst:  Bill Bowerman

This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.