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What's New: Government Affairs

Michigan P3 Bill Moving in the House

Thursday, November 30, 2017  
Michigan P3 Bill Moving in the House 

SFAA and AIA continue to seek bonding amendments for Michigan SB 97, which would authorize the State and local units of government to enter into public-private partnerships (P3s) for transportation projects and health care facilities or laboratory facilities. The bill provides that the P3 agreement may contain provisions to require the private partner or one of its contractors to provide proposal, performance, or payment security. The bill provides that the security, if required, would have to be in the amount that the public authority determines, and can be in the form of bonds, guarantees, letters of credit, committed equity, or any other type of financial instrument, or any combination of these to meet security requirement. The bill recently passed out of committee in the House and sits in third reading on the House floor.

Members should visit Government Relations / General Info (Members) for more information.



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