December 16, 2015, Introduced by Rep. Heise and referred to the Committee on Appropriations.
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 department of
talent and economic development and may be administered to secure
any
notes and bonds of the state authority.department under this
act.
(2)
The state authority department
of talent and economic
development 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 department of talent and economic
development 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 department of talent and economic
development 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.department.
(b) To repay a loan made to the department or the former state
authority under section 2f of 1855 PA 105, MCL 21.142f.
(c) Any other purposes provided in this act.
(6) (5)
The state authority department of talent and economic
development 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 department
of talent and economic
development 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 department or the former state authority, and any
other
money made available to the state authority department 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PA 171, MCL 125.1851 to 125.1861, is repealed.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.