Michigan SB0729 amends the Michigan State Building Authority's debt limit to exclude certain obligations used for specific purposes.
Michigan SB0729 amends the Michigan State Building Authority's debt limit to exclude certain obligations used for specific purposes. The bill specifies that the authority's outstanding obligations should not exceed $2.7 billion, but this limit does not include principal appreciation or obligations used for certain purposes. These excluded obligations include amounts set aside for interest payments, reserves for principal and interest, and costs related to the issuance of obligations.
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