May 31, 2012, Introduced by Senators HILDENBRAND and KOWALL and referred to the Committee on Natural Resources, Environment and Great Lakes.
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 $90,000,000.00
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
$910,000,000.00 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.