Bill Text: MI HB4538 | 2011-2012 | 96th Legislature | Introduced

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Bill Title: Environmental protection; water pollution; Great Lakes water quality bonds; deposit a portion of the proceeds into the delinquent special assessment revolving loan fund. Amends sec. 19708 of 1994 PA 451 (MCL 324.19708).

Spectrum: Partisan Bill (Republican 4-0)

Status: (Introduced - Dead) 2011-04-14 - Printed Bill Filed 04/14/2011 [HB4538 Detail]

Download: Michigan-2011-HB4538-Introduced.html

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HOUSE BILL No. 4538

April 13, 2011, Introduced by Reps. Denby, Rogers, Kowall and Hughes and referred to the Committee on Local, Intergovernmental, and Regional Affairs.

 

     A bill to amend 1994 PA 451, entitled

 

"Natural resources and environmental protection act,"

 

by amending section 19708 (MCL 324.19708), as amended by 2010 PA

 

232.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 19708. (1) Subject to subsections (2), (3), and (4), the

 

state treasurer shall transfer money in the fund as follows:

 

     (a) In aggregate, not more than $710,000,000.00

 

$700,000,000.00 of the money in the fund shall be deposited into

 

the state water pollution control revolving fund created in section

 

16a of the shared credit rating act, 1985 PA 227, MCL 141.1066a.

 

     (b) In aggregate, not more than $290,000,000.00 of the money

 

in the fund shall be deposited into the strategic water quality

 

initiatives fund created in section 5204.

 

     (c) In aggregate, not more than $10,000,000.00 of the money in

 

the fund shall be deposited into the delinquent special assessment

 

revolving loan fund created in section 5 of the delinquent special

 

assessment revolving loan fund act.

 

     (2) Money in the fund may be used by the department of

 

treasury to pay for the cost of issuing bonds and the costs

 

incurred under section 19703(3).

 

     (3) Bonds that are directly deposited into the state water

 

pollution control revolving fund or strategic water quality

 

initiatives fund as authorized by section 19703 shall be taken into

 

account for the purpose of determining the allocation and transfer

 

of money set forth in subsection (1).

 

     (4) Not later than 2 years after the effective date of the

 

amendatory act that added this subsection, December 14, 2012, the

 

auditor general shall conduct an audit of the fund to assure that

 

the money in the fund has been expended in compliance with law. Not

 

later than 4 years after the effective date of the amendatory act

 

that added this subsection, December 14, 2014, the auditor general

 

shall update its initial audit to assure that money in the fund has

 

been expended in compliance with law.

 

     Enacting section 1. This amendatory act does not take effect

 

unless House Bill No. 4148 of the 96th Legislature is enacted into

 

law.