MI HB4410

Establishes a marina dredging loan origination program allowing the state treasurer to create loans for eligible marinas to cover dredging costs caused by low water levels.

Eligible marinas must be privately owned commercial facilities in Michigan that extend into Great Lakes or inland waters, provide recreational boating services without discrimination, and have required environmental permits.

Marina dredging loans cannot exceed $500,000 per marina, have interest rates of either 1% or the 5-year U.S. Treasury note rate plus 0.25%, and loan terms not exceeding 5 years with first principal payment due no sooner than 24 months.

Qualified financial institutions must make loans by March 1, 2014, and the state pays 5% loan origination fees equal to 5% of the original principal in five equal annual installments by September 1, 2018.

Authorizes appropriation of up to $5,000,000 to the Department of Treasury for loan origination fees, designated as a work project appropriation with estimated completion by September 1, 2018.