September 9, 2004, Introduced by Rep. Kolb and referred to the Committee on Land Use and Environment.
A bill to authorize the issuance of general obligation bonds
of the state and to pledge the full faith and credit of the state
for the payment of principal and interest on the bonds to finance
urban redevelopment programs and the purchase of land and rights
in land to preserve farmland and open space; to pay for issuing
the bonds; to provide for other measures relating to the bonds;
and to provide for the submission of the question of the issuance
of the bonds to the electors of the state.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 1. This act shall be known and may be cited as the
2 "urban redevelopment and farmland and open space preservation
3 bond authorization act".
4 Sec. 2. The state shall borrow the following sums and issue
5 general obligation bonds of the state, pledging the full faith
6 and credit of the state for the payment of principal and interest
1 on the bonds, as follows:
2 (a) Not more than $300,000,000.00 for the purchase of land
3 and rights in land to preserve farmland.
4 (b) Not more than $100,000,000.00 for the purchase of land
5 and rights in land to preserve open space.
6 (c) Not more than $100,000,000.00 for programs that promote
7 urban redevelopment.
8 Sec. 3. Bonds shall be issued in accordance with conditions
9 and procedures to be established by law.
10 Sec. 4. The proceeds of the sale of any series of the
11 bonds, any premium and accrued interest received on the delivery
12 of the bonds, and any interest earned on the proceeds of the
13 bonds shall be deposited in the state treasury and credited to a
14 restricted fund as provided by law and shall be expended only for
15 the purposes for which the bonds have been authorized, including
16 the expense of issuing the bonds. The proceeds of sale of any
17 series of the bonds, any premium and accrued interest received on
18 the delivery of the bonds, and any interest earned on the
19 proceeds of the bonds shall be expended for the purposes set
20 forth in this act in a manner as provided by law.
21 Sec. 5. The question of borrowing a sum not to exceed
22 $500,000,000.00 and the issuance of the general obligation bonds
23 of the state for the purposes set forth in this act shall be
24 submitted to a vote of the electors of the state qualified to
25 vote on the question in accordance with section 15 of article IX
26 of the state constitution of 1963 at the next general election.
27 The question submitted to the electors shall be substantially as
1 follows:
2 "Shall the state of Michigan borrow the following sums and
3 issue general obligation bonds of the state, pledging the full
4 faith and credit of the state for the payment of principal and
5 interest on the bonds, the method of repayment of the bonds to be
6 from the general fund of the state:
7 (a) Not more than $300,000,000.00 for the purchase of land
8 and rights in land to preserve farmland.
9 (b) Not more than $100,000,000.00 for the purchase of land
10 and rights in land to preserve open space.
11 (c) Not more than $100,000,000.00 for programs that promote
12 urban redevelopment?
13 Yes........
14 No......... .".
15 Sec. 6. The secretary of state shall perform all acts
16 necessary to properly submit the question set forth in section 5
17 to the electors of the state qualified to vote on the question at
18 the next general November election.
19 Sec. 7. Bonds shall not be issued under this act unless the
20 question set forth in section 5 is approved by a majority vote of
21 the registered electors voting on the question.
22 Sec. 8. (1) After the issuance of the bonds authorized by
23 this act, there shall be appropriated from the general fund of
24 the state each fiscal year a sufficient amount to pay promptly,
25 when due, the principal of and interest on all outstanding bonds
26 authorized by this act and the costs incidental to the payment of
27 the bonds.
1 (2) The governor shall include the appropriation provided for
2 in subsection (1) in his or her annual executive budget
3 recommendations to the legislature.