Bill Text: MI SB1109 | 2017-2018 | 99th Legislature | Introduced
Bill Title: State financing and management; bonds; general obligation bonds for certain infrastructure projects, the cleanup of certain environmental contamination, and the abatement of lead hazards; authorize. Creates new act.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2018-09-05 - Referred To Committee On Government Operations [SB1109 Detail]
Download: Michigan-2017-SB1109-Introduced.html
SENATE BILL No. 1109
September 5, 2018, Introduced by Senator O'BRIEN and referred to the Committee on Government Operations.
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
infrastructure projects for drinking water systems, sewage systems,
stormwater systems, and drainage systems; the cleanup of
environmental contamination; and the abatement of lead hazards; 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 shall be known and may be cited as the "great
waters, great lands bond authorization act".
Sec. 2. The 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
infrastructure projects for drinking water systems, sewage systems,
stormwater systems, and drainage systems; the cleanup of
environmental contamination; and the abatement of lead hazards.
Sec. 3. Bonds authorized under this act shall be issued in
accordance with conditions and procedures established by law.
Sec. 4. The proceeds of the sale of any series of the bonds
authorized 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 shall be deposited in the state treasury
and credited to a restricted fund as provided by law and shall be
expended from that fund only for the purposes for which the bonds
have been authorized, including the expense of issuing the bonds.
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 shall be expended for
the purposes set forth in this act in a manner as provided by law.
Sec. 5. 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 shall be
submitted 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 shall be substantially as
follows:
"Shall the state of Michigan finance infrastructure projects
for drinking water systems, sewage systems, stormwater systems, and
drainage systems; the cleanup of environmental contamination; and
the abatement of lead hazards by borrowing a sum not to exceed
$2,000,000,000.00 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. 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 November election.
Sec. 7. Bonds shall not be issued under this act unless the
question set forth in section 5 is approved by a majority vote of
the 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 his or her annual executive budget
recommendations to the legislature.
