May 6, 2003, Introduced by Reps. Shackleton, Pastor, Pappageorge, Walker and Farhat and referred to the Committee on Transportation.
A bill to amend 1952 PA 214, entitled
"An act authorizing the Mackinac bridge authority to acquire a
bridge connecting the upper and lower peninsulas of Michigan,
including causeways, tunnels, roads and all useful related
equipment and facilities, including park, parking, recreation,
lighting and terminal facilities; extending the corporate
existence of the authority; authorizing such authority to enjoy
and carry out all powers incident to its corporate objects;
authorizing the appropriation and use of state funds for the
preliminary purposes of the authority; providing for the payment
of the cost of such bridge and in that connection authorizing the
authority to issue revenue bonds payable solely from the revenues
of the bridge; granting the right of condemnation to the
authority; granting the use of state land and property to the
authority; making provisions for the payment and security of such
bonds and granting certain rights and remedies to the holders
thereof; authorizing banks and trust companies to perform certain
acts in connection therewith; authorizing the imposition of tolls
and charges; authorizing the authority to secure the consent of
the United States government to the construction of the bridge
and to secure approval of plans, specifications and location of
same; authorizing employment of engineers irrespective of whether
such engineers have been previously employed to make preliminary
inspections or reports with respect to the bridge; authorizing
the state highway department to operate and maintain such bridge
or to contribute thereto and enter into leases and agreements in
connection therewith; exempting such bonds and the property of
the authority from taxation; prohibiting competing traffic
facilities; authorizing the operation of ferries by the
authority; providing for the construction and use of certain
buildings; and making an appropriation,"
by amending section 2 (MCL 254.312).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 2. The corporate existence of the authority shall
2 continue until all of
after its liabilities have been met and
3 the bonds, including refunding bonds, have been paid in full or
4 otherwise discharged.
and when all such liabilities and bonds
5 have been discharged
in full, all rights and properties of the
6 authority shall pass
to and be vested in the state. After
the
7 authority's liabilities have been met, the authority may continue
8 to assess a toll but the amount of the toll assessed shall not
9 exceed the amount of the toll assessed on January 1, 2003.
10 Enacting section 1. This amendatory act does not take
11 effect unless Senate Bill No. _____ or House Bill No. 4627
12 (request no. 02459'03**) of the 92nd Legislature is enacted into
13 law.