November 14, 2006, Introduced by Reps. Kolb and Zelenko and referred to the Committee on Commerce.
A bill to authorize the issuance of general obligation bonds
of this state to finance public and private energy efficiency
initiatives; to pledge the full faith and credit of this state for
the payment of principal and interest on the bonds; to pay for
issuing the bonds; to provide for other measures relating to the
bonds; and to provide for the submission of the question of the
issuance of the bonds to the electors of this state.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 1. This act shall be known and may be cited as the
"Michigan energy efficiency initiative bond authorization act".
Sec. 2. This state shall borrow a sum not to exceed
$10,000,000.00 and issue the general obligation bonds of this
state, pledging the full faith and credit of this state for the
payment of principal and interest on the bonds, to finance up to
$10,000,000.00 for public and private energy efficiency
initiatives.
Sec. 3. Bonds shall be issued pursuant to conditions, methods,
and procedures to be established by law.
Sec. 4. The proceeds of the sale of the bonds or any series of
the bonds, any premium and accrued interest received on the
delivery of the bonds, and any interest earned on the proceeds of
the bonds shall be deposited in the state treasury and credited to
the Michigan energy efficiency initiative bond fund created in the
Michigan energy efficiency initiative bond implementation act and
shall be disbursed from that fund only for the purposes for which
the bonds have been authorized, including the expense of issuing
the bonds. The proceeds of sale of the bonds or any series of the
bonds, any premium and accrued interest received on the delivery of
the bonds, and any interest earned on the proceeds of the bonds
shall be expended for the purposes set forth in this act in a
manner as provided by law.
Sec. 5. The question of borrowing a sum not to exceed
$10,000,000.00 and the issuance of the general obligation bonds of
this state for the purposes set forth in this act shall be
submitted to a vote of the electors of this state qualified to vote
on the question pursuant to section 15 of article IX of the state
constitution of 1963, at the next general election. The question
submitted to the electors shall be substantially as follows:
"Shall the state of Michigan borrow a sum not to exceed
$10,000,000.00 and issue general obligation bonds of this state,
pledging the full faith and credit of this state for the payment of
principal and interest on the bonds to finance up to $10,000,000.00
for public and private energy efficiency initiatives, with the
method of repayment of the bonds to be from the general fund of
this state?
Yes........
No......... .".
Sec. 6. The secretary of state shall perform all acts
necessary to properly submit the question prescribed by section 5
to the electors of this state qualified to vote on the question at
the next general November election.
Sec. 7. (1) After the issuance of the bonds authorized by this
act, there shall be appropriated from the general fund of this
state each fiscal year a sufficient amount to pay promptly, when
due, the principal of and interest on all outstanding bonds
authorized by this act and the costs incidental to the payment of
the bonds.
(2) The governor shall include the appropriation provided in
subsection (1) in the governor's annual executive budget
recommendations to the legislature.
Sec. 8. Bonds shall not be issued under this act unless the
question set forth in section 5 is approved by a majority vote of
the qualified electors voting on the question.