May 12, 2026

Michigan Finance Authority

May 12, 2026

Board Meeting Minutes

1. Call to Order/Roll Call
   1. Kevin Smith, Chair, called the meeting of the Michigan Finance Authority to order at 10:05 a.m. with Kevin Smith, Bill Beekman, Lauren Bigelow, and Murray D. Wikol in attendance.
   2. Kevin Smith noted that a quorum was present.
2. Members Present
   1. Kevin Smith, Chair
   2. Bill Beekman
   3. Lauren Bigelow
   4. Murray D. Wikol
3. Members Absent
   1. Timothy Hoffman
   2. Wafa Dinaro
   3. Drew Smith
4. Public Comment
   1. Kevin Smith asked if there were any members of the audience who would like to speak. There were none.
5. Approval of Minutes
   1. Kevin Smith asked if there were any corrections, comments, or additions to the minutes as presented dated January 13, 2026.
   2. A motion was made by Murray D. Wikol and supported by Lauren Bigelow to approve the minutes.
   3. A roll call vote was taken and the following members voted affirmatively:
      1. Kevin Smith
      2. Bill Beekman
      3. Lauren Bigelow
      4. Murray D. Wikol
   4. The minutes were approved.
6. Resolution 2026-02
   1. Resolution to Authorize the Issuance of the Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Bonds (Hope College Project), Series 2026
   2. Graham Davidson, Bureau of State and Authority Finance, discussed the project and the financing.
   3. Tom Bylsma, Hope College, further discussed the project and the financing.
   4. Craig Hammond, Dickinson-Wright PLLC, presented the authorizing resolution.
   5. Joseph Popek, Attorney General’s Office, confirmed that the documents before the Board are in proper form and the resolution is ready for the Board’s consideration.
   6. Bill Beekman made a motion to approve the resolution supported by Lauren Bigelow.
   7. A roll call vote was taken and the following members voted affirmatively:
      1. Kevin Smith
      2. Bill Beekman
      3. Lauren Bigelow
      4. Murray D. Wikol
   8. The resolution was approved.
7. Resolution 2026-03
   1. A Resolution Authorizing the Issuance and Sale of State Aid Revenue Notes and Tax Anticipation Revenue Notes
   2. Graham Davidson, Bureau of State and Authority Finance, discussed the project and the financing.
   3. Jarrod Smith, Dickinson Wright PLLC, presented the authorizing resolution.
   4. Austin Wright, Attorney General’s Office, confirmed that the documents before the Board are in proper form and the resolution is ready for the Board’s consideration.
   5. Lauren Bigelow made a motion to approve the resolution supported by Bill Beekman.
   6. A roll call vote was taken and the following members voted affirmatively:
      1. Kevin Smith
      2. Bill Beekman
      3. Lauren Bigelow
      4. Murray D. Wikol
   7. The resolution was approved.
8. Resolution 2026-04
   1. A Resolution Authorizing the Issuance and Sale of Public School Academy State Aid Revenue Notes
   2. David Boyne, Bureau of State and Authority Finance, discussed the project and the financing.
   3. Jarrod Smith, Dickinson Wright PLLC, presented the authorizing resolution.
   4. Hillary Vigil, Attorney General’s Office, confirmed that the documents before the Board are in proper form and the resolution is ready for the Board’s consideration.
   5. Lauren Bigelow made a motion to approve the resolution supported by Bill Beekman.
   6. A roll call vote was taken and the following members voted affirmatively:
      1. Kevin Smith
      2. Bill Beekman
      3. Lauren Bigelow
      4. Murray D. Wikol
   7. The resolution was approved.
9. Resolution 2026-05
   1. Resolution to Amend the Amended and Restated Resolution Establishing Michigan Finance Authority Local Government Loan Program and Providing for the Issuance of Local Government Loan Program Revenue Bonds Adopted on May 15, 2014
   2. David Boyne, Bureau of State and Authority Finance, discussed the project and the financing.
   3. Craig Hammond, Dickinson Wright PLLC, presented the authorizing resolution.
   4. Jon Stuckey, Attorney General’s Office, confirmed that the documents before the Board are in proper form and the resolution is ready for the Board’s consideration.
   5. Lauren Bigelow made a motion to approve the resolution supported by Bill Beekman.
   6. A roll call vote was taken and the following members voted affirmatively:
      1. Kevin Smith
      2. Bill Beekman
      3. Lauren Bigelow
      4. Murray D. Wikol
   7. The resolution was approved.
10. Resolution 2026-06
    1. Supplemental Resolution Authorizing the Issuance of Local Government Loan Program Revenue Bonds, Approving Documents, Bond Purchase Agreement, Placement Agreement, Private Purchase Agreement and Authorizing Disclosure Documents and the Purchase of Municipal Obligations
    2. David Boyne, Bureau of State and Authority Finance, discussed the project and the financing.
    3. Craig Hammond, Dickinson Wright PLLC, presented the authorizing resolution.
    4. Jon Stuckey, Attorney General’s Office, confirmed that the documents before the Board are in proper form and the resolution is ready for the Board’s consideration.
    5. Bill Beekman made a motion to approve the resolution supported by Murray D. Wikol.
    6. A roll call vote was taken and the following members voted affirmatively:
       1. Kevin Smith
       2. Bill Beekman
       3. Lauren Bigelow
       4. Murray D. Wikol
    7. The resolution was approved.
11. Administrative Matters
    1. Annual Comprehensive Financial Report
       1. Marie Stiegel, CPA, Plante Moran, presented the fiscal year 2025 MFA ACFR.
    2. Next Meeting
       1. The next scheduled meeting date is June 9, 2026, at 10:00 a.m.
12. Adjournment
    1. Bill Beekman made a motion for adjournment supported by Murray D. Wikol.
    2. The meeting was adjourned at 10:50 a.m.