MI HB5353

Authorizes Michigan to borrow up to $1,000,000,000 and issue general obligation bonds pledging the state's full faith and credit for the payment of principal and interest.

Bond proceeds shall finance public infrastructure improvements including drinking water systems, sewage systems, lead and asbestos contamination abatement, and heating and cooling improvements in public buildings for local units of government and school districts.

Requires submission of the bond authorization to Michigan voters at the next November general election, with repayment from the state's general fund and Michigan infrastructure repair fund.

Establishes that bond proceeds, premiums, accrued interest, and earned interest shall be deposited in the state treasury and credited to the Michigan infrastructure repair fund for authorized purposes and administrative costs.

Mandates the governor include annual appropriations in the executive budget to pay principal, interest, and incidental costs on outstanding bonds from the general fund and infrastructure repair fund.