SUBMERGED LOGS/GREAT LAKES FUNDS - H.B. 5690 (H-1): FLOOR ANALYSIS
House Bill 5690 (Substitute H-1 as reported with amendment)
Sponsor: Representative Scranton
House Committee: Great Lakes and Tourism
Senate Committee: Appropriations
CONTENT
The bill would amend the Natural Resources and Environmental Protection Act to create the "Submerged Log Recovery Fund" and the "Great Lakes Fund" in the State Treasury, and allow the State treasurer to receive money and assets from any source for deposit into the Funds. The State treasurer would be required to direct the investment of the Funds and to credit all interest and earnings from those investments into the Funds. Spending from the Funds would require an appropriation. Money in the Funds at the end of the fiscal year would remain in the Funds and would not lapse to the General Fund.
The bill would require that money in the Submerged Log Recovery Fund be used to support administrative costs of the Departments of Environmental Quality, Natural Resources, and State in implementing Part 326 of the Natural Resources and Environmental Protection Act, proposed by House Bill 5691, which would regulate the recovery of submerged logs from the Great Lakes.
Beginning on December 1, 2001 and each December 1 thereafter, the State Treasurer would be required to transfer 50% of the balance in the Submerged Log Recovery Fund to the Great Lakes Fund, and to transfer the remaining 50% of the balance to the Forest Development Fund.
The bill would require that spending from the Great Lakes Fund be limited to environmental projects related to the Great Lakes and areas contiguous to the Great Lakes, including coastal wetlands restoration, contaminated sediment cleanup, underwater preserve management, and prevention and control of nonnative, nuisance species.
The bill is tie-barred to House Bill 5691.
Proposed MCL 324.32610 & 324.32611
FISCAL IMPACT
The bill would result in an indeterminate increase in state restricted revenue. The amounts deposited in the two Funds proposed by the bill would depend on the amount of revenue generated by the permit fees and royalties collected under House Bill 5691, and the interest and earnings from the deposit of those fees and royalties. As this would be a new program for the State, it is not possible to estimate the amount of revenue that would be deposited under the bill.
Date Completed: 5-30-00 - Fiscal Analyst: P. GrahamFloor\hb5690 - Bill Analysis @ http://www.state.mi.us/sfa
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.