HOUSE BILL No. 6227

 

June 5, 2008, Introduced by Rep. Clemente and referred to the Committee on Appropriations.

 

     A bill to amend 1998 PA 284, entitled

 

"Clean Michigan initiative act,"

 

by amending sections 4 and 7 (MCL 324.95104 and 324.95107), and by

 

adding sections 1a, 2a, 4a, 5a, 6a, and 7a.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 1a. As used in this act:

 

     (a) "Bonds" means the clean Michigan initiative bonds or the

 

clean Michigan II bonds, as appropriate.

 

     (b) "Clean Michigan II bonds" means the bonds authorized under

 

section 2a.

 

     (c) "Clean Michigan initiative bonds" means the bonds

 

authorized under section 2.

 

     Sec. 2a. The state shall borrow a sum not to exceed

 

$1,300,000,000.00 and issue the general obligation bonds of this

 

state, pledging the full faith and credit of the state for the

 


payment of principal and interest on the bonds, to finance

 

environmental and natural resources protection programs to protect,

 

conserve, clean, improve, and restore the water resources of the

 

state, clean up and redevelop contaminated sites, and preserve

 

farmland.

 

     Sec. 4. The proceeds of the sale of any series of the clean

 

Michigan initiative 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 clean Michigan initiative bond fund created in

 

section 19606 of the natural resources and environmental protection

 

act, 1994 PA 451, MCL 324.19606, 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 any series of the clean Michigan initiative

 

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. 4a. The proceeds of the sale of any series of clean

 

Michigan II 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 clean Michigan initiative bond fund created in section 19606 of

 

the natural resources and environmental protection act, 1994 PA

 

451, MCL 324.19606, 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 the sale of any

 

series of clean Michigan II 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. 5a. The question of borrowing a sum not to exceed

 

$1,300,000,000.00 and the issuance of the general obligation bonds

 

of the state for the purposes set forth in this act shall be

 

submitted to a vote of the electors of the state qualified to vote

 

on the question in accordance with section 15 or article IX of the

 

state constitution of 1963 at the next general election scheduled

 

for November 4, 2008. The question submitted to the electors shall

 

be substantially as follows:

 

     "Shall the state of Michigan finance environmental and natural

 

resources protection programs to protect, conserve, clean, improve,

 

and restore the water resources of the state, clean-up and

 

redevelop contaminated sites, and preserve farmland, by borrowing a

 

sum not to exceed $1,300,000,000.00 and issuing general obligation

 

bonds of the state, pledging the full faith and credit of the state

 

for the payment of principal and interest on the bonds, the method

 

or repayment of the bonds to be from the general fund of the state?

 

     Yes......

 

     No.......".

 

     Sec. 6a. The secretary of state shall perform all acts

 

necessary to properly submit the question prescribed by section 5a

 

to the electors of this state qualified to vote on the question at

 

the general election to be held on November 4, 2008.

 


     Sec. 7. Bonds Clean Michigan initiative bonds shall not be

 

issued under this act unless the question set forth in section 5 is

 

approved by a majority vote of the registered electors voting on

 

the question.

 

     Sec. 7a. Clean Michigan II bonds shall not be issued under

 

this act unless the question set forth in section 5a is approved by

 

a majority vote of the registered electors voting on the question.