Michigan Finance Authority
USINFO | 2013-11-14 15:15


On March 4, 2010, Governor Jennifer M. Granholm issued Executive Order 2010-2 to further improve efficiency in state government by consolidating 10 public finance authorities into one Michigan Finance Authority. The new finance authority will be an autonomous entity within the Department of Treasury. The Bureau of Bond Finance within Treasury will provide staff and administrative support for the Authority. Pending legislative review, Executive Order 2010-2 will take effect May 30, 2010.

The existing Authorities will continue to conduct business to the extent needed, until the effective date. Further information regarding the Michigan Finance Authority will be posted to this website as it becomes available.

The following are the 10 public finance authorities consolidated into the Michigan Finance Authority:
1. Michigan Forest Finance Authority (bond and note issuance functions to be transferred; other functions and state forester to remain with the Department of Natural Resources and Energy)

2. Michigan Higher Education Facilities Authority
• Higher Education Facilities Program

3. Michigan Higher Education Assistance Authority (grant and scholarship programs transferred to the Department of Treasury)

4. Michigan Higher Education Student Loan Authority
• Federal Family Education Loan Program (FFELP)
• Michigan Alternative Student Loan Program (MI-LOAN)

5. Michigan Municipal Bond Authority
• Drinking Water Revolving Fund (DWRF)
• Local Government Loan Program (LGLP)
• School Loan Revolving Fund (SLRF)
• State Aid Note Program (SAN)
• State Revolving Funds (SRF)
• Strategic Water Quality Initiatives Fund (SWQIF)

6. Michigan Public Educational Facilities Authority
• Public School Academy Long-Term Finance Program
• Public School Academy State Aid Note Program (PSA SAN)
• Qualified Public Educational Facilities Bond Program (QPEF)

7. Michigan Tobacco Settlement Finance Authority

8. Michigan Underground Storage Tank Financial Assurance Authority

9. State Higher Education Facilities Commission

10. State Hospital Finance Authority
• Healthcare Equipment Loan Program (HELP)
• Healthcare Facilities Program

Also transferred to the Michigan Finance Authority:
1. Authority of the Michigan Strategic Fund to finance the facilities of public and private schools
2. Authority of the State Land Bank Fast Track Authority to issue bonds and notes


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