State finance: authorities; outstanding obligations of the state building authority; provide exception to the limit of. Amends sec. 8 of 1964 PA 183 (MCL 830.418).

Added specific allowances for insurance fees, letters of credit, and interest rate management agreements as valid costs that can be paid with bond proceeds.

Created a new 'interim financing pool' provision allowing the Authority to issue bonds for short-term cash flow needs rather than just long-term facility construction.

Updated the total debt limit to explicitly exclude two specific advance refunding bond series issued in 2025 and 2026 from the calculation.

Added new requirements for refunding bonds to include provisions for interest accrued up to the redemption date and clarified that refunding does not terminate existing leases.

Replaced old page headers and formatting artifacts with clean, standard legislative text structure.

The document header and introductory text were updated to reflect the bill's progression from 'Senate Introduced' to 'As Passed by the Senate,' including a specific citation to the 2024 amendment of the relevant section.

A specific line item was added to the bill's title to explicitly mention the amendment of section 8 (MCL 830.418) by 2024 PA 228.

Drafting artifacts, such as page numbers, tracking codes, and the original 'Introduced by Senator MCCANN' line, were removed to align with the final Senate version format.