| 1 | 1 | | HOUSE BILL NO. 6070 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 and natural resources protection programs that would clean up and redevelop contaminated sites, protect and improve water quality, prevent pollution, abate lead contamination, reclaim and revitalize community waterfronts, and clean up contaminated sediments in lakes, rivers, and streams; 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 the 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 2 initiative act". Sec. 2. This state shall borrow a sum not to exceed $2,000,000,000.00 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 and natural resources protection programs that would clean up and redevelop contaminated sites, protect and improve water quality, prevent pollution, abate lead contamination, reclaim and revitalize community waterfronts, and clean up contaminated sediments in lakes, rivers, and streams. Sec. 3. Bonds must be issued in accordance with conditions and procedures established by law. Sec. 4. (1) All of the following must be deposited in the state treasury and credited to the clean Michigan 2 initiative bond fund: (a) The proceeds of the sale of any series of the bonds authorized under this act. (b) The premium and accrued interest received on the delivery of the bonds. (c) The interest earned on the proceeds of the bonds. (2) Money deposited in the clean Michigan 2 initiative bond fund under subsection (1) may be disbursed from that fund only for the purposes for which the bonds have been authorized, including the expense of issuing the bonds. (3) The proceeds of sale of any series of the bonds, 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. (4) As used in this section, "clean Michigan 2 initiative bond fund" means the clean Michigan 2 initiative bond fund created in section 19806 of the natural resources and environmental protection act, 1994 PA 451, MCL 324.19806. Sec. 5. (1) The question of borrowing a sum not to exceed $2,000,000,000.00 and the issuance of the general obligation bonds of the state for the purposes set forth in this act must be submitted to a vote of the electors of the 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 and natural resources protection programs that would clean up and redevelop contaminated sites, protect and improve water quality, prevent pollution, abate lead contamination, reclaim and revitalize community waterfronts, and clean up contaminated sediments in lakes, rivers, and streams, by borrowing a sum not to exceed $2,000,000,000.00 and issuing general obligation bonds of the state, pledging the full faith and credit of the 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......... .". (2) As used in this section, "general election" means that term as defined in section 2 of the Michigan election law, 1954 PA 116, MCL 168.2 Sec. 6. The secretary of state shall perform all acts necessary to properly submit the question prescribed by section 5 to the electors of this state qualified to vote on the question at the next general election as that term is defined in section 5. Sec. 7. Bonds must not be issued under this act unless the question set forth in section 5 is approved by a majority vote of the qualified and registered electors voting on the question. Sec. 8. (1) After the issuance of the bonds authorized by this act, 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. Enacting section 1. This act does not take effect unless Senate Bill No.____ or House Bill No. 6071 (request no. 06774'24) of the 102nd Legislature is enacted into law. |
|---|
| 2 | 2 | | |
|---|
| 3 | 3 | | |
|---|
| 4 | 4 | | |
|---|
| 5 | 5 | | |
|---|
| 6 | 6 | | |
|---|
| 7 | 7 | | |
|---|
| 8 | 8 | | |
|---|
| 9 | 9 | | |
|---|
| 10 | 10 | | |
|---|
| 11 | 11 | | |
|---|
| 12 | 12 | | |
|---|
| 13 | 13 | | |
|---|
| 14 | 14 | | |
|---|
| 15 | 15 | | |
|---|
| 16 | 16 | | |
|---|
| 17 | 17 | | |
|---|
| 18 | 18 | | |
|---|
| 19 | 19 | | |
|---|
| 20 | 20 | | |
|---|
| 21 | 21 | | |
|---|
| 22 | 22 | | |
|---|
| 23 | 23 | | HOUSE BILL NO. 6070 |
|---|
| 24 | 24 | | |
|---|
| 25 | 25 | | |
|---|
| 26 | 26 | | |
|---|
| 27 | 27 | | 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 and natural resources protection programs that would clean up and redevelop contaminated sites, protect and improve water quality, prevent pollution, abate lead contamination, reclaim and revitalize community waterfronts, and clean up contaminated sediments in lakes, rivers, and streams; 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 the bonds to the electors of this state. |
|---|
| 28 | 28 | | |
|---|
| 29 | 29 | | the people of the state of michigan enact: |
|---|
| 30 | 30 | | |
|---|
| 31 | 31 | | Sec. 1. This act may be cited as the "clean Michigan 2 initiative act". |
|---|
| 32 | 32 | | |
|---|
| 33 | 33 | | Sec. 2. This state shall borrow a sum not to exceed $2,000,000,000.00 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 and natural resources protection programs that would clean up and redevelop contaminated sites, protect and improve water quality, prevent pollution, abate lead contamination, reclaim and revitalize community waterfronts, and clean up contaminated sediments in lakes, rivers, and streams. |
|---|
| 34 | 34 | | |
|---|
| 35 | 35 | | Sec. 3. Bonds must be issued in accordance with conditions and procedures established by law. |
|---|
| 36 | 36 | | |
|---|
| 37 | 37 | | Sec. 4. (1) All of the following must be deposited in the state treasury and credited to the clean Michigan 2 initiative bond fund: |
|---|
| 38 | 38 | | |
|---|
| 39 | 39 | | (a) The proceeds of the sale of any series of the bonds authorized under this act. |
|---|
| 40 | 40 | | |
|---|
| 41 | 41 | | (b) The premium and accrued interest received on the delivery of the bonds. |
|---|
| 42 | 42 | | |
|---|
| 43 | 43 | | (c) The interest earned on the proceeds of the bonds. |
|---|
| 44 | 44 | | |
|---|
| 45 | 45 | | (2) Money deposited in the clean Michigan 2 initiative bond fund under subsection (1) may be disbursed from that fund only for the purposes for which the bonds have been authorized, including the expense of issuing the bonds. |
|---|
| 46 | 46 | | |
|---|
| 47 | 47 | | (3) The proceeds of sale of any series of the bonds, 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. |
|---|
| 48 | 48 | | |
|---|
| 49 | 49 | | (4) As used in this section, "clean Michigan 2 initiative bond fund" means the clean Michigan 2 initiative bond fund created in section 19806 of the natural resources and environmental protection act, 1994 PA 451, MCL 324.19806. |
|---|
| 50 | 50 | | |
|---|
| 51 | 51 | | Sec. 5. (1) The question of borrowing a sum not to exceed $2,000,000,000.00 and the issuance of the general obligation bonds of the state for the purposes set forth in this act must be submitted to a vote of the electors of the 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: |
|---|
| 52 | 52 | | |
|---|
| 53 | 53 | | "Shall the state of Michigan finance environmental and natural resources protection programs that would clean up and redevelop contaminated sites, protect and improve water quality, prevent pollution, abate lead contamination, reclaim and revitalize community waterfronts, and clean up contaminated sediments in lakes, rivers, and streams, by borrowing a sum not to exceed $2,000,000,000.00 and issuing general obligation bonds of the state, pledging the full faith and credit of the 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? |
|---|
| 54 | 54 | | |
|---|
| 55 | 55 | | Yes........ |
|---|
| 56 | 56 | | |
|---|
| 57 | 57 | | No......... .". |
|---|
| 58 | 58 | | |
|---|
| 59 | 59 | | (2) As used in this section, "general election" means that term as defined in section 2 of the Michigan election law, 1954 PA 116, MCL 168.2 |
|---|
| 60 | 60 | | |
|---|
| 61 | 61 | | Sec. 6. The secretary of state shall perform all acts necessary to properly submit the question prescribed by section 5 to the electors of this state qualified to vote on the question at the next general election as that term is defined in section 5. |
|---|
| 62 | 62 | | |
|---|
| 63 | 63 | | Sec. 7. Bonds must not be issued under this act unless the question set forth in section 5 is approved by a majority vote of the qualified and registered electors voting on the question. |
|---|
| 64 | 64 | | |
|---|
| 65 | 65 | | Sec. 8. (1) After the issuance of the bonds authorized by this act, 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. |
|---|
| 66 | 66 | | |
|---|
| 67 | 67 | | (2) The governor shall include the appropriation provided for in subsection (1) in the governor's annual executive budget recommendations to the legislature. |
|---|
| 68 | 68 | | |
|---|
| 69 | 69 | | Enacting section 1. This act does not take effect unless Senate Bill No.____ or House Bill No. 6071 (request no. 06774'24) of the 102nd Legislature is enacted into law. |
|---|