SENATE BILL No. 102

 

 

January 29, 2003, Introduced by Senators SWITALSKI and LELAND and referred to the Committee

             on Commerce and Labor.

 

 

        

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                 A bill to amend 1951 PA 51, entitled                                              

                                                                                

    "An act to provide for the classification of all public roads,              

    streets, and highways in this state, and for the revision of that           

    classification and for additions to and deletions from each                 

    classification; to set up and establish the Michigan                        

    transportation fund; to provide for the deposits in the Michigan            

    transportation fund of specific taxes on motor vehicles and motor           

    vehicle fuels; to provide for the allocation of funds from the              

    Michigan transportation fund and the use and administration of              

    the fund for transportation purposes; to set up and establish the           

    Truck safety fund; to provide for the allocation of funds from              

    the truck safety fund and administration of the fund for truck              

    safety purposes; to set up and establish the Michigan truck                 

    safety commission; to establish certain standards for road                  

    contracts for certain businesses; to provide for the continuing             

    review of transportation needs within the state; to authorize the           

    State transportation commission, counties, cities, and villages             

    to borrow money, issue bonds, and make pledges of funds for                 

    transportation purposes; to authorize counties to advance funds             

    for the payment of deficiencies necessary for the payment of                

    Bonds issued under this act; to provide for the limitations,                

    payment, retirement, and security of the bonds and pledges; to              

    provide for appropriations and tax levies by counties and                   

    townships for county roads; to authorize contributions by                   

    townships for county roads; to provide for the establishment and            

    administration of the state trunk line fund, critical bridge                

    fund, comprehensive transportation fund, and certain other funds;           

    to provide for the deposits in the state trunk line fund,                   


                                                                                

    critical bridge fund, comprehensive transportation fund, and                

    certain other funds of money raised by specific taxes and fees;             

    to provide for definitions of public transportation functions and           

    criteria; to define the purposes for which Michigan                         

    transportation funds may be allocated; to provide for Michigan              

    transportation fund grants; to provide for review and approval of           

    transportation programs; to provide for submission of annual                

    legislative requests and reports; to provide for the                        

    establishment and functions of certain advisory entities; to                

    provide for conditions for grants; to provide for the issuance of           

    bonds and notes for transportation purposes; to provide for the             

    powers and duties of certain state and local agencies and                   

    officials; to provide for the making of loans for transportation            

    purposes by the state transportation department and for the                 

    receipt and repayment by local units and agencies of those loans            

    from certain specified sources; and to repeal acts and parts of             

    acts,"                                                                      

                                                                                

    by amending sections 10c, 10h, 10l, and 10n (MCL 247.660c,                  

                                                                                

    247.660h, 247.660l, and 247.660n), sections 10c and 10h as                  

                                                                                

    amended by 2002 PA 498, section 10l as amended by 1987 PA 234,              

                                                                                

    and section 10n as amended by 2002 PA 329.                                  

                                                                                

                THE PEOPLE OF THE STATE OF MICHIGAN ENACT:                      

                                                                                

1       Sec. 10c.  As used in this act:                                             

                                                                                

2       (a) "Urban or rural area" means a contiguous developed area,                

                                                                                

3   including the immediate surrounding area, where transportation              

                                                                                

4   services should reasonably be provided presently or in the                  

                                                                                

5   future; the area within the jurisdiction of an eligible                     

                                                                                

6   authority; or for the purpose of receiving funds for public                 

                                                                                

7   transportation, a contiguous developed area having a population             

                                                                                

8   of less than 50,000 population that has an urban public                     

                                                                                

9   transportation program approved by the state transportation                 

                                                                                

10  department and for which the state transportation commission                

                                                                                

11  determines that public transportation services should reasonably            

                                                                                

12  be provided presently or in the future.                                     

                                                                                

13      (b) "Eligible authority" means an authority organized                       


                                                                                

1   pursuant to  under the metropolitan transportation authorities             

                                                                                

2   act of 1967, 1967 PA 204, MCL 124.401 to 124.426, or an authority           

                                                                                

3   organized or continued under the Detroit area regional                      

                                                                                

4   transportation authority act.                                               

                                                                                

5       (c) "Eligible governmental agency" means a county, city, or                 

                                                                                

6   village or an authority created  pursuant to  under 1963 PA 55,             

                                                                                

7   MCL 124.351 to 124.359; the urban cooperation act of 1967, 1967             

                                                                                

8   (Ex Sess) PA 7, MCL 124.501 to 124.512; 1967 (Ex Sess) PA 8,                

                                                                                

9   MCL 124.1 to 124.13; 1951 PA 35, MCL 124.1 to 124.13; the public            

                                                                                

10  transportation authority act, 1986 PA 196, MCL 124.451 to                   

                                                                                

11  124.479; or the revenue bond act of 1933, 1933 PA 94, MCL 141.101           

                                                                                

12  to 141.140.                                                                 

                                                                                

13      (d) "Transit vehicle" means a bus, rapid transit vehicle,                   

                                                                                

14  railroad car, water vehicle, taxicab, or other type of public               

                                                                                

15  transportation vehicle or individual unit, whether operated                 

                                                                                

16  singly or in a group which provides public transportation.                  

                                                                                

17      (e) "Transit vehicle mile" means a transit vehicle operated                 

                                                                                

18  for 1 mile in public transportation service including demand                

                                                                                

19  actuated and line-haul vehicle miles.                                       

                                                                                

20      (f) "Demand actuated vehicle" means a bus or smaller transit                

                                                                                

21  vehicle operated for providing group rides to members of the                

                                                                                

22  general public paying fares individually, and on demand rather              

                                                                                

23  than in regularly scheduled route service.                                  

                                                                                

24      (g) "Demand actuated vehicle mile" means a demand actuated                  

                                                                                

25  vehicle operated for 1 mile in service to the general public.               

                                                                                

26      (h) "Public transportation", "comprehensive transportation",                

                                                                                

27  "public transportation service", "comprehensive transportation              


                                                                                

1   service", "public transportation purpose", or "comprehensive                

                                                                                

2   transportation purpose" means the movement of people and goods by           

                                                                                

3   publicly or privately owned water vehicle, bus, railroad car,               

                                                                                

4   aircraft, rapid transit vehicle, taxicab, or other conveyance               

                                                                                

5   which provides general or special service to the public, but not            

                                                                                

6   including charter or sightseeing service or transportation which            

                                                                                

7   is exclusively for school purposes.  Public transportation,                 

                                                                                

8   public transportation services, or public transportation                    

                                                                                

9   purposes; and comprehensive transportation, comprehensive                   

                                                                                

10  transportation services, or comprehensive transportation purposes           

                                                                                

11  as defined in this subdivision are declared by law to be                    

                                                                                

12  transportation purposes within the meaning of section 9 of                  

                                                                                

13  article IX of the state constitution of 1963.                               

                                                                                

14      (i) "State transportation commission" means the state                       

                                                                                

15  transportation commission established in section 28 of article V            

                                                                                

16  of the state constitution of 1963.                                          

                                                                                

17      (j) "Governmental unit" means the state transportation                      

                                                                                

18  department, the state transportation commission, a county road              

                                                                                

19  commission, a city, or a village.                                           

                                                                                

20      (k) "Department" or "department of transportation" means the                

                                                                                

21  state transportation department, which may be referred to                   

                                                                                

22  administratively as the department of transportation.                       

                                                                                

23                                                                               (l) "Preservation" means an activity undertaken to preserve                         

                                                                                

24  the integrity of the existing roadway system.  Preservation does            

                                                                                

25  not include new construction of highways, roads, streets, or                

                                                                                

26  bridges, a project that increases the capacity of a highway                 

                                                                                

27  facility to accommodate that part of traffic having neither an              


                                                                                

1   origin nor destination within the local area, widening of a lane            

                                                                                

2   width or more, or adding turn lanes of more than 1/2 mile in                

                                                                                

3   length.  Preservation includes, but is not limited to, 1 or more            

                                                                                

4   of the following:                                                           

                                                                                

5                                                                                (i) Maintenance.                                                                    

                                                                                

6       (ii) Capital preventive treatments.                                          

                                                                                

7       (iii) Safety projects.                                                       

                                                                                

8       (iv) Reconstruction.                                                         

                                                                                

9       (v) Resurfacing.                                                            

                                                                                

10      (vi) Restoration.                                                            

                                                                                

11      (vii) Rehabilitation.                                                        

                                                                                

12      (viii) Widening of less than the width of 1 lane.                             

                                                                                

13      (ix) Adding auxiliary weaving, climbing, or speed change                     

                                                                                

14  lanes.                                                                      

                                                                                

15      (x) Modernizing intersections.                                              

                                                                                

16      (xi) Adding auxiliary turning lanes of 1/2 mile or less.                     

                                                                                

17      (m) "Maintenance" means routine maintenance or preventive                   

                                                                                

18  maintenance, or both.  Maintenance does not include capital                 

                                                                                

19  preventive treatments, resurfacing, reconstruction, restoration,            

                                                                                

20  rehabilitation, safety projects, widening of less than 1 lane               

                                                                                

21  width, adding auxiliary turn lanes of 1/2 mile or less, adding              

                                                                                

22  auxiliary weaving, climbing, or speed-change lanes, modernizing             

                                                                                

23  intersections, or the upgrading of aggregate surface roads to               

                                                                                

24  hard surface roads.  Maintenance of state trunk line highways               

                                                                                

25  does not include streetlighting except for freeway lighting for             

                                                                                

26  traffic safety purposes.                                                    

                                                                                

27      (n) "Routine maintenance" means actions performed on a                      


                                                                                

1   regular or controllable basis or in response to uncontrollable              

                                                                                

2   events upon a highway, road, street, or bridge.  Routine                    

                                                                                

3   maintenance includes, but is not limited to, 1 or more of the               

                                                                                

4   following:                                                                  

                                                                                

5                                                                                (i) Snow and ice removal.                                                           

                                                                                

6       (ii) Pothole patching.                                                       

                                                                                

7       (iii) Unplugging drain facilities.                                           

                                                                                

8       (iv) Replacing damaged sign and pavement markings.                           

                                                                                

9       (v) Replacing damaged guardrails.                                           

                                                                                

10      (vi) Repairing storm damage.                                                 

                                                                                

11      (vii) Repair, replacement, or operation of traffic signal                    

                                                                                

12  systems.                                                                    

                                                                                

13      (viii) Emergency environmental cleanup.                                       

                                                                                

14      (ix) Emergency repairs.                                                      

                                                                                

15      (x) Emergency management of road closures that result from                  

                                                                                

16  uncontrollable events.                                                      

                                                                                

17      (xi) Cleaning streets and associated drainage.                               

                                                                                

18      (xii) Installing traffic signs and signal devices.                           

                                                                                

19      (xiii) Mowing roadside.                                                       

                                                                                

20      (xiv) Control of roadside brush and vegetation.                              

                                                                                

21      (xv) Cleaning roadside.                                                     

                                                                                

22      (xvi) Repairing lighting.                                                    

                                                                                

23      (xvii) Grading.                                                              

                                                                                

24      (o) "Preventive maintenance" means a planned strategy of                    

                                                                                

25  cost-effective treatments to an existing roadway system and its             

                                                                                

26  appurtenances that preserve assets by retarding deterioration and           

                                                                                

27  maintaining functional condition without significantly increasing           


                                                                                

1   structural capacity.  Preventive maintenance includes, but is not           

                                                                                

2   limited to, 1 or more of the following:                                     

                                                                                

3                                                                                (i) Pavement crack sealing.                                                         

                                                                                

4       (ii) Micro surfacing.                                                        

                                                                                

5       (iii) Chip sealing.                                                          

                                                                                

6       (iv) Concrete joint resealing.                                               

                                                                                

7       (v) Concrete joint repair.                                                  

                                                                                

8       (vi) Filling shallow pavement cracks.                                        

                                                                                

9       (vii) Patching concrete.                                                     

                                                                                

10      (viii) Shoulder resurfacing.                                                  

                                                                                

11      (ix) Concrete diamond grinding.                                              

                                                                                

12      (x) Dowel bar retrofit.                                                     

                                                                                

13      (xi) Bituminous overlays of 1-1/2 inches or less in                          

                                                                                

14  thickness.                                                                  

                                                                                

15      (xii) Restoration of drainage.                                               

                                                                                

16      (xiii) Bridge crack sealing.                                                  

                                                                                

17      (xiv) Bridge joint repair.                                                   

                                                                                

18      (xv) Bridge seismic retrofit.                                               

                                                                                

19      (xvi) Bridge scour countermeasures.                                          

                                                                                

20      (xvii) Bridge painting.                                                      

                                                                                

21      (xviii) Pollution prevention.                                                 

                                                                                

22      (xix) New treatments as they may be developed.                               

                                                                                

23      (p) "County road commission" means the board of county road                 

                                                                                

24  commissioners elected or appointed pursuant to section 6 of                 

                                                                                

25  chapter IV of 1909 PA 283, MCL 224.6, or, in the case of a                  

                                                                                

26  charter county with a population of 2,000,000 or more with an               

                                                                                

27  elected county executive that does not have a board of county               


                                                                                

1   road commissioners, the county executive for ministerial                    

                                                                                

2   functions and the county commission provided for in section                 

                                                                                

3   14(1)(d) of 1966 PA 293, MCL 45.514, for legislative functions.             

                                                                                

4       (q) "Capital preventive treatments" means any preventive                    

                                                                                

5   maintenance category project on state trunk line highways that              

                                                                                

6   qualifies under the department's capital preventive maintenance             

                                                                                

7   program.                                                                    

                                                                                

8       Sec. 10h.  (1) By May 1 of each year, the state                             

                                                                                

9   transportation commission shall report to each member of the                

                                                                                

10  legislature, the governor, and the auditor general its                      

                                                                                

11  recommendations for a transportation program which the state                

                                                                                

12  transportation commission acts on under section 10e(10).  The               

                                                                                

13  report shall specify the following:                                         

                                                                                

14      (a) The estimated amount of money in the comprehensive                      

                                                                                

15  transportation fund to be distributed in the following fiscal               

                                                                                

16  year and the amount of money in the comprehensive transportation            

                                                                                

17  fund to be distributed to each eligible authority, each intercity           

                                                                                

18  carrier, each eligible governmental agency, and the state                   

                                                                                

19  transportation department; the estimated amount of money in the             

                                                                                

20  state trunk line fund to be distributed to the state                        

                                                                                

21  transportation department for the preservation, as defined in               

                                                                                

22  section  10c, of state trunk line highways; and the estimated               

                                                                                

23  amount of money in the state trunk line fund to be distributed to           

                                                                                

24  the state transportation department for all other purposes in the           

                                                                                

25  following fiscal year.  The report shall further subdivide the              

                                                                                

26  money to be distributed to each eligible authority, each                    

                                                                                

27  intercity carrier, each eligible governmental agency, the state             


                                                                                

1   transportation department from the comprehensive transportation             

                                                                                

2   fund, the state transportation department from the state trunk              

                                                                                

3   line fund for the preservation of state trunk line highways, and            

                                                                                

4   the state transportation department from the state trunk line               

                                                                                

5   fund for all other purposes specifying how much of that money is            

                                                                                

6   proposed to be expended for either capital acquisitions,                    

                                                                                

7   including demonstration projects, or for operating expenses,                

                                                                                

8   including demonstration projects.                                           

                                                                                

9       (b) An account of all expenditures of funds distributed from                

                                                                                

10  the state trunk line fund and the comprehensive transportation              

                                                                                

11  fund to the state transportation department, eligible                       

                                                                                

12  authorities, intercity carriers, and eligible governmental                  

                                                                                

13  agencies, and the progress made by the state transportation                 

                                                                                

14  department, eligible authorities, intercity carriers, and                   

                                                                                

15  eligible governmental agencies in carrying out the approved                 

                                                                                

16  transportation programs in the preceding fiscal year through the            

                                                                                

17  use of those funds.  The progress report shall be made based on             

                                                                                

18  information supplied to the state transportation department on              

                                                                                

19  forms authorized by the federal department of transportation.               

                                                                                

20  For those eligible authorities, intercity carriers, and eligible            

                                                                                

21  governmental agencies not receiving federal funds pursuant to the           

                                                                                

22  urban mass transportation act of 1964, Public Law 88-365, the               

                                                                                

23  progress report shall be made upon forms supplied by the state              

                                                                                

24  transportation department.  The progress report shall also                  

                                                                                

25  contain the whole amount of the expenses of the state                       

                                                                                

26  transportation department for the fiscal year.                              

                                                                                

27      (c) Each project certified to be eligible for a multiyear                   


                                                                                

1   funding commitment.                                                         

                                                                                

2       (d) The status of all multiyear funding commitments.                        

                                                                                

3       (e) An account of the state transportation department's                     

                                                                                

4   compliance in the preceding year with the requirements of section           

                                                                                

5   11(2) and (3).  The report shall also specify the justification             

                                                                                

6   for a waiver of the requirement of section 11(3), if that                   

                                                                                

7   requirement was waived.                                                     

                                                                                

8       (2) The financial transactions and accounts related to                      

                                                                                

9   distributions made from the comprehensive transportation fund to            

                                                                                

10  an eligible authority  created under the metropolitan                       

                                                                                

11  transportation authorities act of 1967, 1967 PA 204, MCL 124.401            

                                                                                

12  to 124.426,  shall be audited pursuant to  that act  the                    

                                                                                

13  metropolitan transportation authorities act of 1967, 1967 PA 204,           

                                                                                

14  MCL 124.401 to 124.426, or the Detroit area regional                        

                                                                                

15  transportation authority act, whichever applies.  The cost of the           

                                                                                

16  audit shall be paid by the eligible authority.  The financial               

                                                                                

17  transactions and accounts related to distributions made from the            

                                                                                

18  fund to an eligible governmental agency, other than a county,               

                                                                                

19  shall be audited in accordance with the uniform budgeting and               

                                                                                

20  accounting act, 1968 PA 2, MCL 141.421 to 141.440a.  The                    

                                                                                

21  financial transactions and accounts related to distributions made           

                                                                                

22  from the fund to a county which is an eligible governmental                 

                                                                                

23  agency shall be audited in accordance with 1919 PA 71, MCL 21.41            

                                                                                

24  to 21.55.  The financial transactions and accounts relative to              

                                                                                

25  distributions made to an intercity carrier shall be audited by an           

                                                                                

26  independent certified public accountant in accordance with                  

                                                                                

27  instructions promulgated by the department of treasury.  A copy             


                                                                                

1   of the complete audit report and management letter shall be                 

                                                                                

2   submitted by the eligible authority, intercity carrier, or                  

                                                                                

3   eligible governmental agency to the state transportation                    

                                                                                

4   department.  The department of treasury shall develop minimum               

                                                                                

5   audit standards and requirements.                                           

                                                                                

6       (3) There is hereby established a task force composed of the                

                                                                                

7   Michigan public transit association, the Michigan motorbus                  

                                                                                

8   association, the Michigan rail users and supporters association,            

                                                                                

9   the Michigan railroad association, a representative of a                    

                                                                                

10  state-owned or leased short line railroad, and the office of                

                                                                                

11  auditor general or a certified public accountant appointed by the           

                                                                                

12  auditor general, to assist the department in the development of             

                                                                                

13  the progress report requirements outlined in subsection (1)(b).             

                                                                                

14      Sec. 10l.  (1) For each 12-month period beginning October 1,                

                                                                                

15  1987, and each 12-month period thereafter, $2,000,000.00 shall be           

                                                                                

16  returned from the distribution under section 10e(4)(a) by each              

                                                                                

17  multicounty  eligible authority  created under the metropolitan            

                                                                                

18  transportation authorities act of 1967, Act No.  204 of the                 

                                                                                

19  Public Acts of 1967, being sections 124.401 to 124.425 of the               

                                                                                

20  Michigan Compiled Laws,  organized under the Detroit area                   

                                                                                

21  regional transportation authority act in terms of a credit to               

                                                                                

22  those  cities, villages, and townships within  each                        

                                                                                

23  transportation district of  the authority,  created under section           

                                                                                

24  16a of Act No.  204 of the Public Acts of 1967, being section               

                                                                                

25  124.416a of the Michigan Compiled Laws, which  receiving or                 

                                                                                

26  eligible to receive credits as of October 1, 2001 that apply to             

                                                                                

27  the authority for the credit in accordance with procedures and              


                                                                                

1   standards established by the authority, except as provided by               

                                                                                

2   subsections (2) and (3).  The return of money in terms of a                 

                                                                                

3   credit shall be based upon the population of each city, village,            

                                                                                

4   or township within the authority.                                           

                                                                                

5       (2) For each 12-month period described in subsection (1), a                 

                                                                                

6   city, village, or township described in subsection (1) may apply            

                                                                                

7   to the authority to use its credit for public transportation                

                                                                                

8   purposes within the authority's jurisdiction.  However, the money           

                                                                                

9   returned in terms of a credit to any city, village, or township             

                                                                                

10  which  that provides public transportation service for that                

                                                                                

11  city, village, or township shall be used exclusively toward                 

                                                                                

12  reducing the operating deficit of that service.   Moreover, any             

                                                                                

13  Any service provided by the city, township, or village utilizing            

                                                                                

14  the credit received  pursuant to  under this section shall be               

                                                                                

15  operated by the authority returning the money in terms of a                 

                                                                                

16  credit on a contractual basis with each city, village, or                   

                                                                                

17  township or with a combination of cities, villages, and                     

                                                                                

18  townships.  If a city, township, or village has not applied to              

                                                                                

19  the authority to utilize its credit pursuant to this subsection             

                                                                                

20  by the last day of the 12-month period, that municipality's share           

                                                                                

21  of the money credited pursuant to subsection (1) shall be used by           

                                                                                

22  the authority for an expenditure within the county within which             

                                                                                

23  the city, village, or township lies.                                        

                                                                                

24      (3) A city, village, or township  which  that has applied                   

                                                                                

25  for and received approval from the authority for use of its                 

                                                                                

26  credit pursuant to subsection (2) shall have 1 year after the end           

                                                                                

27  of the period in which the application was made to actually                 


                                                                                

1   expend that credit.  A credit not actually expended by the city,            

                                                                                

2   village, or township by the last day of the year after the end of           

                                                                                

3   the period in which the application was made shall be used by the           

                                                                                

4   authority for an expenditure within the county within which the             

                                                                                

5   city, village, or township lies.                                            

                                                                                

6       (4) Notwithstanding any other section of this or any other                  

                                                                                

7   act, each authority authorized by this section to return money in           

                                                                                

8   terms of a credit shall have the final decision as to what                  

                                                                                

9   constitutes a proper expenditure, a public transportation                   

                                                                                

10  service, or a public transportation purpose under subsections (2)           

                                                                                

11  and (3).                                                                    

                                                                                

12      (5) The expenditure of the amounts required to be expended                  

                                                                                

13  under subsections (2) and (3) shall not be conditioned on an                

                                                                                

14  expenditure by a county in which the expenditure is required to             

                                                                                

15  be expended.                                                                

                                                                                

16      (6)  The  An authority shall retain  the  its ability to                    

                                                                                

17  coordinate services between contracting cities, villages, and               

                                                                                

18  townships or groups of cities, villages, or townships.                      

                                                                                

19      (7) As used in this section, "operating deficit" means the                  

                                                                                

20  operating cost of a public transportation service less the                  

                                                                                

21  revenues generated by the service.                                          

                                                                                

22      Sec. 10n.  (1) Funds from the comprehensive transportation                  

                                                                                

23  fund may be distributed to a trustee, or to the Michigan                    

                                                                                

24  municipal bond authority as created under the shared credit                 

                                                                                

25  rating act, 1985 PA 227, MCL 141.1051 to 141.1076, that is                  

                                                                                

26  authorized to receive the funds under a borrowing resolution                

                                                                                

27  adopted by an eligible authority.  The issuance of the notes of             


                                                                                

1   an eligible authority in anticipation of payment of proceeds from           

                                                                                

2   the comprehensive transportation fund shall be authorized by a              

                                                                                

3   borrowing resolution of the eligible authority under the                    

                                                                                

4   metropolitan transportation authorities act of 1967, 1967 PA 204,           

                                                                                

5   MCL 124.401 to 124.426, or the Detroit area regional                        

                                                                                

6   transportation authority act.  The issuance of the notes under              

                                                                                

7   this section is not subject to the revised municipal finance act,           

                                                                                

8   2001 PA 34, MCL 141.2101 to 141.2821, and shall be subject to the           

                                                                                

9   prior approval of the state transportation commission.  Failure             

                                                                                

10  of the commission to take action within 35 days after receipt of            

                                                                                

11  notification from the eligible authority of intent to issue the             

                                                                                

12  notes, constitutes approval by the state transportation                     

                                                                                

13  commission.  The eligible authority may only issue the notes in             

                                                                                

14  anticipation of funds to be received during its current fiscal              

                                                                                

15  year at any time before the eligible authority's receipt of the             

                                                                                

16  funds from the comprehensive transportation fund.  The principal            

                                                                                

17  amount of notes for which the funds to be received from the                 

                                                                                

18  comprehensive transportation fund are pledged shall not exceed              

                                                                                

19  85% of the amount remaining to be received by the eligible                  

                                                                                

20  authority from the comprehensive transportation fund in the                 

                                                                                

21  current fiscal year.  The pledge of 100% of the funds the                   

                                                                                

22  eligible authority expects to receive from the comprehensive                

                                                                                

23  transportation fund shall be secured by a direct transfer of the            

                                                                                

24  pledge funds from the comprehensive transportation fund to the              

                                                                                

25  trustee or the Michigan municipal bond authority that is                    

                                                                                

26  authorized to receive the funds by the borrowing resolution                 

                                                                                

27  adopted by the eligible authority.  The notes of the eligible               


                                                                                

1   authority shall not be in any way a debt or a liability of the              

                                                                                

2   state and shall not create or constitute any indebtedness,                  

                                                                                

3   liability, or obligations of the state or be or constitute a                

                                                                                

4   pledge of the full faith and credit of the state.  Each note                

                                                                                

5   shall contain on its face a statement to the effect that the                

                                                                                

6   eligible authority is obligated to pay the principal of and the             

                                                                                

7   interest on the note only from funds of or due to the eligible              

                                                                                

8   authority and that this state is not obligated to pay that                  

                                                                                

9   principal or interest and that neither the faith in credit nor              

                                                                                

10  the taxing power of this state is pledged to the payment of the             

                                                                                

11  principal of or the interest on the note.  The notes shall mature           

                                                                                

12  not more than 13 months from the date of issuance, shall bear               

                                                                                

13  interest at a fixed or variable rate or rates of interest per               

                                                                                

14  annum, and, in addition to other security required by this                  

                                                                                

15  section, may be secured by letter or line of credit issued by a             

                                                                                

16  financial institution or as provided in the borrowing                       

                                                                                

17  resolution.                                                                 

                                                                                

18      (2) The issuance of notes under this section is subject to                  

                                                                                

19  the agency financing reporting act, 2002 PA 470, MCL 129.171 to             

                                                                                

20  129.177.                                                                    

                                                                                

21      Enacting section 1.  This amendatory act takes effect                       

                                                                                

22  October 1, 2003.                                                            

                                                                                

23      Enacting section 2.  This amendatory act does not take                      

                                                                                

24  effect unless Senate Bill No. 100                                           

                                                                                

25                         of the 92nd Legislature is enacted into              

                                                                                

26  law.