Rep Iden bill creating savings opportunities for community colleges is signed

first_img31Oct Rep. Iden bill creating savings opportunities for community colleges is signed Categories: Audio,Iden News,News Michigan’s community colleges will now have increased ability when it comes to funding forward-thinking infrastructure and energy efficient development, thanks to legislation proposed by state Rep. Brandt Iden and signed by Gov. Rick Snyder.Lease-purchase agreements do not demand up front full payments like bonding debts and act as a pay-as-you-go system. Money community colleges begin to save from energy-friendly improvements will help pay for the project or the implementation of others.Current law allows local governments and school districts to enter into lease-purchase agreements. Iden’s provision allows for community colleges to employ the same option.“This is a flexible, sensible option for an age when budgets are often strapped for funding,” said Iden. “It’s a win-win for community colleges across our state. They can spend carefully through these agreements and have savings for other projects over the future with the energy-friendly projects they invest in right now.”Community colleges will have the option to cancel a lease-purchase contract after each fiscal year and after as little as one year.Within 60 days of improvements, a filed report will be required by the Michigan Public Service Commission listing which facilities were worked on, energy consumption of those facilities prior to improvement, project costs and estimated annual savings.House Bill 4457 passed with unanimous votes in both the House and Senate before becoming Public Act 133 of 2017.PHOTO INFORMATION: State Rep. Brandt Iden (left), of Oshtemo, holds a signed copy of House Bill 4457 with Gov. Rick Snyder at a ceremony in Lansing on Oct. 26.last_img

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