Introduced
by
To grant an exception for the Houghton Downtown Development Agency to a law that prohibits governments from extending the duration of loans unless there is a genuine "present value" interest savings that benefits taxpayers. The agency is unable to make payments on past borrowing because Michigan Tech University recently bought a $3 million building, taking it off the local tax rolls.
Referred to the Committee on Intergovernmental, Urban, and Regional Affairs
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Amendment offered
by
To cap the size of the proposed exception.
The amendment passed by voice vote
Passed in the House 89 to 10 (details)
Referred to the Committee on Commerce and Tourism
Reported without amendment
With the recommendation that the bill pass.
