The proposed bill, known as the "Clean Michigan 2 Initiative Act," seeks to authorize the state to issue general obligation bonds not exceeding $2 billion. The funds raised through these bonds will be dedicated to various environmental and natural resource protection programs, including the cleanup and redevelopment of contaminated sites, improvement of water quality, pollution prevention, lead contamination abatement, and revitalization of community waterfronts. The bill stipulates that the full faith and credit of the state will be pledged for the payment of principal and interest on these bonds, and it outlines the procedures for issuing the bonds and managing the funds.

Additionally, the bill mandates that the question of borrowing the funds and issuing the bonds be submitted to a vote by the state's electors during the next general election. It requires a majority approval from qualified voters for the bonds to be issued. The legislation also includes provisions for the appropriation of funds from the general fund to ensure timely payment of the bonds' principal and interest after issuance. The act will only take effect if related legislation is enacted concurrently.