Bill Text: MI HB5935 | 2023-2024 | 102nd Legislature | Introduced
Bill Title: Environmental protection: funding; clean Michigan initiative; reauthorize issuance of general obligation bonds. Creates new act.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-09-18 - Bill Electronically Reproduced 09/18/2024 [HB5935 Detail]
Download: Michigan-2023-HB5935-Introduced.html
HOUSE BILL NO. 5935
A bill to authorize the issuance of general obligation bonds of this state and to pledge the full faith and credit of this state for the payment of principal and interest on the bonds to finance environmental, natural resources, and public health protection programs that would repair, replace, and develop water and sewer infrastructure, protect and improve water and air quality, replace contaminated drinking water sources, repair and replace failing on-site wastewater treatment systems, clean up sites of contamination, clean up sediments in lakes, rivers, and streams, abate lead contamination, prevent pollution, and revitalize community waterfronts; to pay for issuing the bonds; to provide for other measures relating to the bonds; and to provide for the submission of the question of the issuance of bonds to the electors of this state.
the people of the state of michigan enact:
Sec. 1. This act may be cited as the "clean Michigan initiative reauthorization act".
Sec. 3. This state shall borrow a sum not to exceed $10,000,000,000.00 and issue the general obligation bonds of this state, pledging the full faith and credit of this state for the payment of principal and interest on the bonds, to finance environmental, natural resources, and public health protection programs that would repair, replace, and develop water and sewer infrastructure, protect and improve water and air quality, replace contaminated drinking water sources, repair and replace failing on-site wastewater treatment systems, clean up sites of contamination, clean up sediments in lakes, rivers, and streams, abate lead contamination, prevent pollution, and revitalize community waterfronts.
Sec. 5. This state shall issue bonds under this act in accordance with conditions and procedures established by law.
Sec. 7. The proceeds of the sale of any series of the bonds issued under this act, any premium and accrued interest received on the delivery of the bonds, and any interest earned on the proceeds of the bonds must be deposited in the state treasury as authorized by law and disbursed only for the purpose for which the bonds have been authorized, including the expense of issuing the bonds. The proceeds of the sale of any series of bonds issued under this act, any premium and accrued interest received on the delivery of the bonds, and any interest earned on the proceeds of the bonds must be expended for the purposes set forth in this act in a manner as provided by law.
Sec. 9. The secretary of state shall submit the question of borrowing a sum not to exceed $10,000,000,000.00 and the issuance of the general obligation bonds of this state for the purposes set forth in this act to a vote of the electors of this state qualified to vote on the question in accordance with section 15 of article IX of the state constitution of 1963 at the next general election. The question submitted to the electors must be substantially as follows:
"Shall the state of Michigan finance environmental, natural resources, and public health protection programs that would repair, replace, and develop water and sewer infrastructure, protect and improve water and air quality, replace contaminated drinking water sources, repair and replace failing on-site wastewater treatment systems, clean up sites of contamination, clean up sediments in lakes, rivers, and streams, abate lead contamination, prevent pollution, and revitalize community waterfronts, by borrowing a sum not to exceed $10,000,000,000.00 and issuing general obligation bonds of this state, pledging the full faith and credit of this state for the payment of principal and interest on the bonds, the method of repayment of the bonds to be from the general fund of this state?
Yes . . . . . . . .
No . . . . . . . .".
Sec. 11. The secretary of state shall perform all acts necessary to properly submit the question prescribed by section 9 to the electors of this state.
Sec. 13. This state shall not issue bonds under this act unless the question set forth in section 9 is approved by a majority vote of the electors voting on the question.
Sec. 15. (1) After the bonds authorized by this act are issued, the legislature shall appropriate from the general fund of this state each fiscal year a sufficient amount to pay promptly, when due, the principal of and interest on all outstanding bonds authorized by this act and the costs incidental to the payment of the bonds.
(2) The governor shall include the appropriation provided for in subsection (1) in the governor's annual executive budget recommendations to the legislature.
