June 12, 2018, Introduced by Reps. Singh, Sabo, Rabhi, Green, Chang, Geiss, Lasinski, Elder, Hertel, Chirkun, Sowerby, Yancey, Yanez, Moss, Faris, LaGrand, Sneller, Zemke, Cochran, Brinks, Durhal, Greig, Cambensy, Wittenberg, Phelps, Gay-Dagnogo, Hammoud, Neeley and Jones and referred to the Committee on Natural Resources.
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 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 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 "clean
Michigan initiative reauthorization act".
Sec. 2. This state shall borrow a sum not to exceed
$1,500,000,000.00 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 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. 3. This state shall issue bonds under this act in
accordance with conditions and procedures established by law.
Sec. 4. 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 shall be deposited in the state treasury as authorized
by law and disbursed 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 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 shall
be expended for the purposes set forth in this act in a manner as
provided by law.
Sec. 5. The secretary of state shall submit the question of
borrowing a sum not to exceed $1,500,000,000.00 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 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 $1,500,000,000.00 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.
Sec. 7. This state shall not issue bonds under this act unless
the question set forth in section 5 is approved by a majority vote
of the electors voting on the question.
Sec. 8. (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 his or her annual executive budget
recommendations to the legislature.