Governor Rick Snyder of Michigan
Also signs measure changing how local units of government are reimbursed for lost personal property tax revenue
Thursday, May 19, 2016
LANSING, Mich. – Local units of government can now use Lease Purchase Agreements as a way to finance energy efficiency upgrades, under legislation signed today by Gov. Rick Snyder.
“These bills provide another avenue for local governments to modernize and boost energy efficiency in their facilities,” Snyder said.
HBs 4990-4994, sponsored by state Rep. Al Pscholka, allow local units of government to use Lease Purchase Agreements as a method to finance energy efficiency upgrades in their facilities. The bills let local units enter a multi-year contract with a service provider in order to improve energy conservation. They are now Public Acts 119-123 of 2016.
Snyder also signed HB 5176, sponsored by state Rep. Jeff Farrington, which changes calculations for how local units of government are reimbursed for lost personal property tax revenue. The bill also addresses the dates by which the Department of Treasury has to make certain calculations and the timing of disbursements by the Local Community Stabilization Authority. It is now PA 124.
For more information on this and other legislation, please visit www.legislature.mi.gov.