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.