The bill amends the Regional Transit Authority Act (2012 PA 387) by updating Section 10 to clarify the authority's ability to raise revenues for its activities, operations, and investments. It specifies that the authority can generate revenue through various means, including fees, government grants, property sales, and assessments. Notably, the bill requires that any assessment levied within the public transit region must be approved by both the authority's board and a majority of the electors voting in a general election. Additionally, it mandates that the ballot for such assessments must clearly state the assessment rate, duration, purpose, and whether it is a renewal or a new assessment.

Furthermore, the bill stipulates that at least 85% of the funds raised through assessments or motor vehicle registration taxes must be spent on public transportation services within the respective member jurisdictions. It also introduces a requirement for authorities to submit an asset management plan for their revenue vehicles and facilities starting in the fiscal year after December 19, 2012, and to provide annual reports on the cost of service and revenue generated in each member jurisdiction after the first year of operation of a rolling rapid transit system. The bill is set to take effect on January 1, 2028, contingent upon the enactment of Senate Bill No. 691.

Statutes affected:
Substitute (S-1): 124.550
Senate Introduced Bill: 124.550
As Passed by the Senate: 124.550