House OKs borrowing to fix Michigan Capitol [View all]
LANSING – The state House last week passed a pair of bills that would allow the State Capitol Commission to take on millions of dollars in debt to renovate the historic statehouse's aging climate control and electrical systems.
The House voted 104-3 this week to approve House Bill 6047. The bill essentially allows the commission to work with the Michigan Strategic Fund to put up the parking lot on the Capitol's west side as collateral to finance the renovations. The Capitol building and iconic east lawn would not be part of the deal.
The way collateral works, lenders or bondholders could come claim the parking lot if the state for some reason did not pay its bills, but "that's not going to happen," said John Truscott, vice chairman of the Capitol Commission.
"This is something really just to satisfy the lawyers," Truscott said, "but the state has never not made its payments on time."
Read more: http://www.lansingstatejournal.com/story/news/local/capitol/2016/12/10/house-oks-borrowing-fix-michigan-capitol/95091148/
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