MichiganMichigan excludes specified refinancing debt from its building authority’s debt limit
Michigan’s State Building Authority leaves two specified amounts used to refinance earlier borrowing outside its $2.7 billion limit on outstanding debt.
What it does
The authority’s $2.7 billion debt limit excludes $421.3 million from its June 2025 bonds and $63.8 million from its July 2026 bonds used to refinance earlier debt in advance.
Argument forLeaving these refinancing amounts outside the debt limit could preserve borrowing room for the authority to finance state buildings.
Argument againstThese exceptions could let the authority carry more debt than people might expect from the stated $2.7 billion limit.
More detail
Michigan’s State Building Authority excludes two specified refinancing amounts when counting debt toward its $2.7 billion limit. The exceptions cover $421.3 million in the authority’s June 2025 bonds, Series I, and $63.8 million in its July 2026 bonds, Series I. Only the specified portions used to refinance earlier debt in advance are excluded, rather than all borrowing in those bond series. The law took effect on September 21, 2026.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Sep 22ASSIGNED PA 0099'26 WITH IMMEDIATE EFFECTLatest
- Sep 22FILED WITH SECRETARY OF STATE 9/21/2026 11:24 AM
- Sep 22APPROVED BY Governor Gretchen Whitmer 9/21/2026 9:38 AMBecame Law
- Sep 22PRESENTED TO GOVERNOR 9/15/2026 1:22 PMTo Governor
- Sep 9ORDERED ENROLLED
- Vote recorded HOUSE AMENDMENT(S) CONCURRED IN ROLL CALL # 229 YEAS 24 NAYS 10 EXCUSED 4 NOT VOTING 0. Result: pass.Upper
- Sep 9GIVEN IMMEDIATE EFFECT
- Sep 9HOUSE AMENDMENT(S) CONCURRED IN ROLL CALL # 229 YEAS 24 NAYS 10 EXCUSED 4 NOT VOTING 0
- Jun 2LAID OVER ONE DAY UNDER THE RULES
- Jun 2PASSED BY HOUSE WITH AMENDMENT(S) WITH IMMEDIATE EFFECT
- May 14transmitted
- Vote recorded passed; given immediate effect Roll Call #152 Yeas 96 Nays 7 Excused 0 Not Voting 7. Result: pass.Lower
- May 14passed; given immediate effect Roll Call #152 Yeas 96 Nays 7 Excused 0 Not Voting 7Passed House
- May 14read a third timeMinor
- May 14placed on immediate passage
- May 14placed on third reading
- May 14amended
- May 14read a second timeMinor
- May 14placed on second reading
- May 14motion to discharge committee approved
- May 14rule suspended
- 2025
- Dec 10referred to Committee on AppropriationsMinor
- Dec 10read a first timeMinor
- Dec 10received on 12/09/2025Minor
- Dec 9PASSED ROLL CALL # 330 YEAS 25 NAYS 10 EXCUSED 2 NOT VOTING 0Passed Senate
- Vote recorded PASSED ROLL CALL # 330 YEAS 25 NAYS 10 EXCUSED 2 NOT VOTING 0. Result: pass.Upper
- Dec 9PLACED ON IMMEDIATE PASSAGE
- Dec 9RULES SUSPENDED
- Dec 9PLACED ON ORDER OF THIRD READING WITH SUBSTITUTE (S-1)
- Dec 9SUBSTITUTE (S-1) CONCURRED IN
- Dec 9REPORTED BY COMMITTEE OF THE WHOLE FAVORABLY WITH SUBSTITUTE (S-1)Minor
- Dec 9RULES SUSPENDED FOR IMMEDIATE CONSIDERATION
- Dec 9REFERRED TO COMMITTEE OF THE WHOLEMinor
- Dec 9COMMITTEE RECOMMENDED IMMEDIATE EFFECT
- Dec 9REPORTED FAVORABLY WITHOUT AMENDMENT 12/9/2025Minor
- Dec 3REFERRED TO COMMITTEE ON APPROPRIATIONSMinor
- Dec 3INTRODUCED BY SENATOR SEAN MCCANNIntroduced
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