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MI SB1109
Bill
Status
9/5/2018
Primary Sponsor
Margaret O'Brien
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AI Summary
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Authorizes Michigan to issue up to $2,000,000,000 in general obligation bonds backed by the state's full faith and credit.
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Bond proceeds shall fund infrastructure projects for drinking water systems, sewage systems, stormwater systems, drainage systems, environmental contamination cleanup, and lead hazard abatement.
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Requires submission of the bond authorization question to Michigan voters at the next general election, with repayment from the state's general fund.
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Bonds cannot be issued unless approved by majority vote of registered electors voting on the question.
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Requires the legislature to annually appropriate sufficient funds from the general fund to pay principal, interest, and costs related to outstanding bonds.
Legislative Description
State financing and management; bonds; general obligation bonds for certain infrastructure projects, the cleanup of certain environmental contamination, and the abatement of lead hazards; authorize. Creates new act.
State financing and management: bonds
Last Action
Referred To Committee On Government Operations
9/5/2018