NOTES & BONDS; MODIFY REQ.                                                                     S.B. 379:

                                                                                                    SUMMARY OF BILL

                                                                                     REPORTED FROM COMMITTEE

Senate Bill 379 (as reported without amendment)

Sponsor:  Senator Aric Nesbitt

Committee:  Transportation and Infrastructure

CONTENT

The bill would amend the Michigan Transportation Fund law to do the following:

-- Prohibit notes or bonds authorized under the law from being issued until after the State Transportation Commission presented its resolution authorizing the notes or bonds to the Legislature and the Legislature approved it by concurrent resolution adopted by two-thirds of each house of the Legislature.

-- Require a resolution of the Commission to amend an initial resolution authorizing bonds or notes to be approved by concurrent resolution adopted by two-thirds of each house of the Legislature.

-- Allow the Commission or the Legislature to withdraw unused bond authorization by resolution.

-- Require the Michigan Department of Transportation to submit a report on October 1 of each year, and an updated report within 30 days after issuing new bonds, on transportation debt service to the members of the House of Representatives and Senate Appropriations Committees and transportation subcommittees, and committees with jurisdiction over transportation.

MCL 247.668b                                                         Legislative Analyst:  Tyler VanHuyse

FISCAL IMPACT

The bill would have no fiscal impact on State or local government.

Date Completed:  6-1-21                                                 Fiscal Analyst: Michael Siracuse 

This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.