HB 6243 Summary

• Adds Part 198 to the Natural Resources and Environmental Protection Act to implement the Clean Michigan Initiative Reauthorization by authorizing bond issuance for environmental protection programs.

• Authorizes the state administrative board to issue bonds in one or more series with flexible terms regarding principal amount, interest rates, maturities, redemption provisions, and registration options as determined by board resolution.

• Makes bonds fully negotiable under the Uniform Commercial Code and exempt from state and local taxation; permits banks, insurance companies, and fiduciaries to legally invest in the bonds.

• Allows the state treasurer to sell bonds, refund outstanding bonds, approve interest rates and other bond terms, and execute security agreements including insurance contracts and letters of credit within board-approved limitations.

• Makes the act contingent on voter approval of the Clean Michigan Initiative Reauthorization question at the next general election and enactment of HB 6244 and HB 6245.