FY 2010-11 CAPITAL OUTLAY APPROPRIATION H.B. 5858:
SUMMARY AS ENACTED
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House Bill 5858 (as enacted) PUBLIC ACT 329 OF 2010
Sponsor: Representative Michael Lahti
House Committee: Appropriations
Senate Committee: Appropriations
Date Completed: 12-6-10
CONTENT
House Bill 5858 includes new State Building Authority (SBA) projects totaling $968.1 million, with a State share of $383.7 million. The bill also includes a cost increase authorization (Sec. 605) for the Oakland University Human Health Building project, and construction authorizations for the Henry Ford Community College Science Building Improvements project and the Monroe County Community College Technology Center project (planning authorizations included in Public Act 278 of 2008). Attachment 1 provides a listing of SBA projects included for universities, community colleges, and State agencies. Attachment 2 provides a description of new SBA projects included in the bill.
FISCAL IMPACT
The bill would result in additional State costs funded through new SBA bond debt obligations of $383.7 million. Annual General Fund rental payments to the SBA are estimated at $26.9 million to $34.5 million annually until the bonds are retired (approximately 15 to 17 years). Annual rental (debt service) payments to the SBA appropriated in the FY 2010-11 General Government appropriation bill total $241.9 million.
(Note: This analysis provides information regarding House Bill 5858. The Senate and House also acted on SB 1150; however, House Bill 5858 was the bill that both houses passed for the FY 2010-11 Capital Outlay budget.)
Fiscal Analyst: Bill Bowerman
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. hb5858/1112