SB-0464, As Passed Senate, June 18, 2003

SUBSTITUTE FOR

SENATE BILL NO. 464

                                                                             A bill to amend 1952 PA 214, entitled                                             

"An act authorizing the Mackinac bridge authority to acquire a              

bridge connecting the upper and lower peninsulas of Michigan,               

including causeways, tunnels, roads and all useful related                  

equipment and facilities, including park, parking, recreation,              

lighting and terminal facilities; extending the corporate                   

existence of the authority; authorizing such authority to enjoy             

and carry out all powers incident to its corporate objects;                 

authorizing the appropriation and use of state funds for the                

preliminary purposes of the authority; providing for the payment            

of the cost of such bridge and in that connection authorizing the           

authority to issue revenue bonds payable solely from the revenues           

of the bridge; granting the right of condemnation to the                    

authority; granting the use of state land and property to the               

authority; making provisions for the payment and security of such           

bonds and granting certain rights and remedies to the holders               

thereof; authorizing banks and trust companies to perform certain           

acts in connection therewith; authorizing the imposition of tolls           

and charges; authorizing the authority to secure the consent of             

the United States government to the construction of the bridge              

and to secure approval of plans, specifications and location of             

same; authorizing employment of engineers irrespective of whether           

such engineers have been previously employed to make preliminary            

inspections or reports with respect to the bridge; authorizing              

the state highway department to operate and maintain such bridge            

or to contribute thereto and enter into leases and agreements in            

connection therewith; exempting such bonds and the property of              

the authority from taxation; prohibiting competing traffic                  

Senate Bill 464 as amended June 17, 2003                                    

facilities; authorizing the operation of ferries by the                     

authority; providing for the construction and use of certain                

buildings; and making an appropriation,"                                    

by amending section 2 (MCL 254.312).                                        

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

1       Sec. 2.  (1) The corporate existence of the authority shall                 

2   continue  until all of after its liabilities have been met and             

3   the bonds, including refunding bonds, have been paid in full or             

4   otherwise discharged.  and when all such liabilities and bonds              

5   have been discharged in full, all rights and properties of the              

6   authority shall pass to and be vested in the state.

7   (2) Within 2 months of the effective date of the amendatory                 

8   act that added this subsection, the authority shall hold public             

9   hearings to investigate the feasibility of reducing toll rates              

10  charged on June 1, 2003 back to the rates charged before May 1,             

11  2003<<and shall take into consideration the appropriations that the authority receives from the state trunk line fund established in section 11 of 1951 PA 51, MCL 247.661>>.

12      Enacting section 1.  This amendatory act does not take                      

13  effect unless Senate Bill No. 468 of the 92nd Legislature is                

14  enacted into law.