The proposed bill aims to authorize the issuance of general obligation bonds not exceeding $2 billion to finance various environmental and natural resource protection programs in Michigan. These programs include cleaning up and redeveloping contaminated sites, improving water quality, preventing pollution, abating lead contamination, revitalizing community waterfronts, and cleaning contaminated sediments in lakes, rivers, and streams. 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 generated from their sale.

Additionally, the bill mandates that the question of borrowing the specified amount and issuing the bonds must 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 bill also includes provisions for the appropriation of funds from the state's general fund to ensure timely payment of the bonds' principal and interest after their issuance. The act will only take effect if related legislation is enacted concurrently.