HOUSE BILL NO. 5935
September 17, 2024, Introduced by Rep. Farhat and referred to the Committee on Natural
Resources, Environment, Tourism and Outdoor Recreation.
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 and air 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
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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 bonds to the electors of this
state.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 1. This act may be cited as the "clean Michigan
2 initiative reauthorization act".
3 Sec. 3. This state shall borrow a sum not to exceed
4 $10,000,000,000.00 and issue the general obligation bonds of this
5 state, pledging the full faith and credit of this state for the
6 payment of principal and interest on the bonds, to finance
7 environmental, natural resources, and public health protection
8 programs that would repair, replace, and develop water and sewer
9 infrastructure, protect and improve water and air quality, replace
10 contaminated drinking water sources, repair and replace failing on-
11 site wastewater treatment systems, clean up sites of contamination,
12 clean up sediments in lakes, rivers, and streams, abate lead
13 contamination, prevent pollution, and revitalize community
14 waterfronts.
15 Sec. 5. This state shall issue bonds under this act in
16 accordance with conditions and procedures established by law.
17 Sec. 7. The proceeds of the sale of any series of the bonds
18 issued under this act, any premium and accrued interest received on
19 the delivery of the bonds, and any interest earned on the proceeds
20 of the bonds must be deposited in the state treasury as authorized
21 by law and disbursed only for the purpose for which the bonds have
22 been authorized, including the expense of issuing the bonds. The
23 proceeds of the sale of any series of bonds issued under this act,
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1 any premium and accrued interest received on the delivery of the
2 bonds, and any interest earned on the proceeds of the bonds must be
3 expended for the purposes set forth in this act in a manner as
4 provided by law.
5 Sec. 9. The secretary of state shall submit the question of
6 borrowing a sum not to exceed $10,000,000,000.00 and the issuance
7 of the general obligation bonds of this state for the purposes set
8 forth in this act to a vote of the electors of this state qualified
9 to vote on the question in accordance with section 15 of article IX
10 of the state constitution of 1963 at the next general election. The
11 question submitted to the electors must be substantially as
12 follows:
13 "Shall the state of Michigan finance environmental, natural
14 resources, and public health protection programs that would repair,
15 replace, and develop water and sewer infrastructure, protect and
16 improve water and air quality, replace contaminated drinking water
17 sources, repair and replace failing on-site wastewater treatment
18 systems, clean up sites of contamination, clean up sediments in
19 lakes, rivers, and streams, abate lead contamination, prevent
20 pollution, and revitalize community waterfronts, by borrowing a sum
21 not to exceed $10,000,000,000.00 and issuing general obligation
22 bonds of this state, pledging the full faith and credit of this
23 state for the payment of principal and interest on the bonds, the
24 method of repayment of the bonds to be from the general fund of
25 this state?
26 Yes . . . . . . . .
27 No . . . . . . . .".
28 Sec. 11. The secretary of state shall perform all acts
29 necessary to properly submit the question prescribed by section 9
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1 to the electors of this state.
2 Sec. 13. This state shall not issue bonds under this act
3 unless the question set forth in section 9 is approved by a
4 majority vote of the electors voting on the question.
5 Sec. 15. (1) After the bonds authorized by this act are
6 issued, the legislature shall appropriate from the general fund of
7 this state each fiscal year a sufficient amount to pay promptly,
8 when due, the principal of and interest on all outstanding bonds
9 authorized by this act and the costs incidental to the payment of
10 the bonds.
11 (2) The governor shall include the appropriation provided for
12 in subsection (1) in the governor's annual executive budget
13 recommendations to the legislature.
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