MI HB5679

Establishes the rail infrastructure loan fund as a self-sustaining revolving loan program administered by the state transportation department to finance freight railroad infrastructure improvements and preservation in Michigan.

Authorizes annual appropriations of up to $3,000,000 to the rail infrastructure loan fund until a maximum total state contribution of $15,000,000 is reached, with interest and loan repayments credited back to the fund.

Provides noninterest-bearing loans covering up to 90% of rail project costs with repayment periods not exceeding 10 years to eligible applicants including counties, cities, townships, villages, economic development corporations, railroads, and freight railroad users.

Transfers $5,700,000 in unobligated fund balance from the rail infrastructure loan fund to the comprehensive transportation fund for the fiscal year ending September 30, 2010.

Requires the state transportation department to submit annual reports by December 31 to legislative appropriations committees detailing fund balances, funded projects, project outcomes, and loan status.