The proposed bill seeks to amend the Natural Resources and Environmental Protection Act by introducing Part 198, which establishes the Clean Michigan 2 Initiative Implementation. This new part includes definitions for key terms and creates the Clean Michigan 2 Initiative Bond Fund, funded by bond sales and other financial sources. The bill outlines the issuance and management of bonds, which will be tax-exempt, and specifies that proceeds can be allocated for various environmental initiatives, including $1 billion for water infrastructure and $300 million for lead hazard abatement. It mandates annual reporting on fund usage and requires compliance with state laws for funded projects, emphasizing their potential for economic development.

Furthermore, the bill revises existing laws related to grants and loans for brownfield redevelopment, setting eligibility criteria for local government applicants and establishing maximum funding limits. It allows for multiple grants or loans for projects that demonstrate significant benefits and requires recipients to provide progress reports and financial assurances. The legislation aims to ensure a balanced distribution of funding across the state and mandates biennial performance audits by the administering department. Additionally, it grants the department authority to recover costs from liable parties for corrective actions and to promulgate necessary rules for effective implementation.

Statutes affected:
House Introduced Bill: 324.101, 324.90106