HB-5163, As Passed House, February 10, 2016

SUBSTITUTE FOR

HOUSE BILL NO. 5163

A bill to amend 2003 PA 258, entitled

"Land bank fast track act,"

by amending section 18 (MCL 124.768); and to repeal acts and parts

of acts.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

Sec. 18. (1) The land bank fast track fund is created under

the jurisdiction and control of the state authority and may be

administered to secure any notes and bonds of the state authority.

(2) The state authority may receive money or other assets from

any source for deposit into the fund. The state treasurer shall

transfer all money in the urban land assembly loan fund created

under former 1981 PA 171 to the fund, and close the urban land

assembly loan fund. Any loan repayments that would otherwise be

made to the urban land assembly loan fund shall be made to the

fund.

(3) The state authority shall credit to the fund interest and

earnings from fund investments.

(4) ~~(3)~~ Money in the fund at the close of the fiscal year

shall remain in the fund and shall not lapse to any other fund.

(5) ~~(4)~~ The state authority shall expend money from the fund

only for 1 or more of the following:

(a) Costs to clear or quiet title to property held by the

state authority.

(b) To repay a loan made to the state authority under section

2f of 1855 PA 105, MCL 21.142f.

(6) ~~(5)~~ The state authority shall deposit into the fund all

money it receives from the sale or transfer of property under this

act, subject to section 8. The state authority shall credit to the

fund the proceeds of the sale of notes or bonds to the extent

provided for in the authorizing resolution of the state authority,

and any other money made available to the state authority for the

purposes of the fund.

Enacting section 1. The Michigan urban land assembly act, 1981

PA 171, MCL 125.1851 to 125.1861, is repealed.

Enacting section 2. This amendatory act takes effect 90 days

after the date it is enacted into law.