MI SB0252

Establishes a marina dredging loan origination program allowing the state treasurer to authorize loans through qualified financial institutions to privately owned marinas for dredging costs incurred after February 1, 2013.

Restricts eligible marinas to privately owned commercial facilities on Great Lakes, connecting waters, or inland lakes/streams that provide non-discriminatory recreational boating services and have required permits from the Department of Environmental Quality and Army Corps of Engineers.

Caps marina dredging loans at $500,000 per eligible marina with interest rates set by the lender at no more than the higher of 2.5% or the adjusted prime rate minus 0.75%, maximum 5-year terms, and no principal payments required for 24 months after loan issuance.

Requires qualified financial institutions to make loans before March 1, 2014, and authorizes the state to pay up to 5% loan origination fees for administrative costs on a first-come, first-served basis.

Appropriates up to $1,000,000 to the Department of Treasury for loan origination fees, with project completion targeted for March 1, 2014.