MI SB0484

Creates an "obligation trust fund" as a separate state treasury fund to receive unemployment obligation assessments from employers and bond proceeds for unemployment compensation financing.

Authorizes the Michigan Finance Authority to issue notes, bonds, and other financial instruments to finance federal unemployment trust fund advances, repay federal loans with interest, fund unemployment benefits, and cover administrative costs.

Establishes a quarterly "unemployment obligation assessment" on all employers, separate from regular contributions and solvency taxes, with the rate determined by the state treasurer to ensure timely payment of principal, interest, and administrative expenses on issued obligations.

Designates the Department of Licensing and Regulatory Affairs as administrator of the obligation trust fund and director to collect assessments using the same procedures, penalties, and interest as regular unemployment contributions.

Effective December 19, 2011, contingent upon enactment of Senate Bills 483 and 806 of the 96th Legislature.