HOUSE BILL No. 5163

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.