HB-4573, As Passed House, May 3, 2005

SUBSTITUTE FOR

HOUSE BILL NO. 4573

     A bill to amend 1994 PA 451, entitled

"Natural resources and environmental protection act,"

by amending section 19708 (MCL 324.19708), as added by 2002 PA 397.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     Sec. 19708. (1) Subject to subsections (2) and (3), the state

treasurer shall transfer money in the fund as follows:

     (a) Ninety percent  Subject to subdivision (b), 85% of the

money in the fund shall be deposited into the state water pollution

control revolving fund created in section 16a of the shared credit

rating act, 1985 PA 227, MCL 141.1066a.

     (b) Ten percent  All money received by the fund from bonds

sold from May 1, 2005 to October 1, 2005, and thereafter, 15% of

the money in the fund shall be deposited into the strategic water

quality initiatives fund created in section 5204.

     (2) Money in the fund may be used by the department of

treasury to pay for the cost of issuing bonds and the costs

incurred under section 19703(3).

     (3) Money from the fund shall not be used as the state match

for receipt of federal funds for purposes of the state water

pollution control revolving fund created in section 16a of the

shared credit rating act, 1985 PA 227, MCL 141.1066a, at 2002 state

match levels. However, if federal revenues become available at

higher levels than were provided in 2002, money from the fund may

be used to match federal revenues in excess of 2002 levels.

     Enacting section 1. This amendatory act does not take effect

unless House Bill No. 4572 of the 93rd Legislature is enacted into

law.