April 15, 2010, Introduced by Reps. Robert Jones, Scripps, Kandrevas, Griffin, Segal, Young, Stanley, Clemente and Roy Schmidt and referred to the Committee on Commerce.
A bill to provide for the procedure for allocation of federal
bond limitation under certain bond programs; and to prescribe
certain powers and duties of certain state agencies and public
officers.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 1. Unless prohibited by applicable federal law, the state
treasurer shall allocate and reallocate any federal law bond
limitation allocated, reallocated, or waived to the state of
Michigan for any of the following in accordance with the federal
law establishing the bond limitation:
(a) Qualified energy conservation bonds.
(b) Qualified school construction bonds.
(c) Recovery zone economic development bonds.
(d) Recovery zone facility bonds.
(e) Other bond programs that may be authorized by federal
legislation after the effective date of this act.
Sec. 2. Unless prohibited by applicable federal law, the state
treasurer may provide for the waiver, deemed waiver, or
reallocation to the state of Michigan of any federal bond
limitations specified in section 1 allocated to projects,
municipalities, or other entities within this state. The state
treasurer shall establish reasonable time limits for the use of
such bond limitations and shall consider the likelihood of use
within the time limitations in implementing this section.
Sec. 3. Any allocation or reallocation of bond limitation for
qualified energy conservation bonds, qualified school construction
bonds, recovery zone economic development bonds, or recovery zone
facility bonds made by the Michigan department of education, the
Michigan department of energy, labor, and economic growth, or the
state treasurer prior to the effective date of this act is hereby
ratified and confirmed.