SB-1158, As Passed Senate, December 13, 2012

HOUSE SUBSTITUTE FOR

SENATE BILL NO. 1158

     A bill to amend 1994 PA 451, entitled

"Natural resources and environmental protection act,"

by amending section 19708 (MCL 324.19708), as amended by 2010 PA

232.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     Sec. 19708. (1) Subject to subsections (2), (3), and (4), the

state treasurer shall transfer money in the fund as follows:

     (a) In aggregate, not more than $710,000,000.00

$290,000,000.00 of the money in the fund shall be deposited into

the state water pollution control revolving fund created in section

16a of the shared credit rating act, 1985 PA 227, MCL 141.1066a.

     (b) In aggregate, not more than $290,000,000.00

$710,000,000.00 of the money in the fund shall be deposited into

the strategic water quality initiatives fund created in section

5204.

     (2) Money in the fund may be used by the department of

treasury to pay for the cost of issuing bonds and the costs

incurred under section 19703(3).

     (3) Bonds that are directly deposited into the state water

pollution control revolving fund or strategic water quality

initiatives fund as authorized by section 19703 shall be taken into

account for the purpose of determining the allocation and transfer

of money set forth in subsection (1).

     (4) Not later than 2 years after the effective date of the

amendatory act that added this subsection, December 14, 2012, the

auditor general shall conduct an audit of the fund to assure that

the money in the fund has been expended in compliance with law. Not

later than 4 years after the effective date of the amendatory act

that added this subsection, December 14, 2014, the auditor general

shall update its initial audit to assure that money in the fund has

been expended in compliance with law.

     Enacting section 1. This amendatory act does not take effect

unless all of the following bills of the 96th Legislature are

enacted into law:

     (a) Senate Bill No. 1155.

     (b) Senate Bill No. 1156.

     (c) Senate Bill No. 1157.

     (d) House Bill No. 5673.