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MI SB0436
Bill
Status
7/1/2015
Primary Sponsor
Marty Knollenberg
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AI Summary
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Amends the Michigan Transportation Act to authorize the state transportation commission to issue revenue bonds for road construction and repair projects.
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Creates the Michigan Roads to Recovery Fund within the state treasury to receive proceeds from bond sales and other funding sources for new road construction projects.
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Allows the state transportation commission to borrow money and issue bonds in anticipation of federal grants, with flexibility in pledging multiple funding sources for repayment.
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Specifies that bond issuance is subject to the Agency Financing Reporting Act but exempt from the Revised Municipal Finance Act.
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Takes effect 90 days after enactment into law.
Legislative Description
Transportation; funds; Michigan roads to recovery fund; create, and require the issuance of bonds to fund road repairs. Amends sec. 18b of 1951 PA 51 (MCL 247.668b) & adds sec. 18m.
State agencies (existing): transportation
Last Action
Referred To Committee On Transportation
7/1/2015