MI SB0470

Creates a dam risk reduction revolving loan fund within the state treasury to provide loans to dam owners for infrastructure and risk reduction projects.

Establishes an emergency dam safety action fund to finance remedial actions on unsafe dams when owners are unable or unwilling to act, with the department able to recover costs from owners.

Creates an emergency dam safety grant program providing grants for dam repair, reconstruction, or removal, requiring grant applicants to contribute at least 25% matching funds.

Requires the department to prepare annual reports by December 31 detailing fund balances, emergency actions taken on specific dams, total expenditures, enforcement actions, and funding recommendations, to be shared with legislative appropriations committees and posted online.

Effective only if Senate Bill No. 468 of the 101st Legislature is also enacted into law.