MI HB6244

Creates the clean Michigan initiative reauthorization bond fund in the state treasury to receive bond proceeds, interest earnings, loan repayments, and federal funds.

Allocates bond proceeds totaling $1.475 billion across nine environmental and infrastructure categories: water/sewer infrastructure ($500M), water quality monitoring ($100M), nonpoint source pollution prevention ($100M), failing septic systems ($50M), facility response activities ($400M), contaminated sediment remediation ($25M), lead hazard abatement ($250M), pollution prevention ($25M), and waterfront improvements ($50M).

Requires the state treasurer to invest fund proceeds while maintaining tax-exempt bond status and allocates investment earnings proportionally to each category based on bond proceeds invested.

Directs loan repayments to be credited to appropriate subaccounts for authorized purposes or debt service, requires annual accounting of spending to the treasury and legislative committees, and prevents unencumbered balance from reverting to general fund.

Takes effect only upon voter approval of the clean Michigan initiative reauthorization question at the next general election and enactment of HB 6243 and HB 6245.