Bill Text: MI HB5344 | 2009-2010 | 95th Legislature | Introduced
Bill Title: State agencies (existing); natural resources; powers and duties of the department of environmental quality under shared credit rating act; transfer to the department of natural resources. Amends sec. 3 of 1985 PA 227 (MCL 141.1053). TIE BAR WITH: SB 0807'09
Spectrum: Partisan Bill (Republican 15-0)
Status: (Introduced - Dead) 2009-09-15 - Printed Bill Filed 09/11/2009 [HB5344 Detail]
Download: Michigan-2009-HB5344-Introduced.html
HOUSE BILL No. 5344
September 10, 2009, Introduced by Reps. Bolger, Wayne Schmidt, Haines, Lund, Proos, Stamas, Horn, Crawford, Caul, Paul Scott, Ball, Tyler, DeShazor, Meltzer and Denby and referred to the Committee on Appropriations.
A bill to amend 1985 PA 227, entitled
"Shared credit rating act,"
by amending section 3 (MCL 141.1053), as amended by 2005 PA 93.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 3. As used in this act:
(a) "Authority" means the Michigan municipal bond authority
created in section 4.
(b) "Board" means the board of trustees of the authority
established in section 5.
(c) "Bonds" means bonds of the authority issued under this act
with a maturity greater than 3 years.
(d) "Capitalization grant" means the federal grant made to
this state by the United States environmental protection agency for
either of the following purposes:
(i) For the purpose of establishing a state water pollution
control revolving fund, as provided in title VI of the federal
water pollution control act, 33 USC 1381 to 1387.
(ii) For the purpose of establishing a state drinking water
revolving fund, as provided in section 1452 of the public health
service act, 42 USC 300j-12.
(e) "Community water supply" means a community water supply as
defined in part 54 of the natural resources and environmental
protection act, 1994 PA 451, MCL 324.5401 to 324.5418.
(f) "Federal safe drinking water act" means title XIV of the
public health service act, chapter 373, 88 Stat. 1660.
(g) "Federal water pollution control act" means 33 USC 1251 to
1387.
(h) "Fully marketable form" means a municipal obligation duly
executed and accompanied by all of the following:
(i) An approving legal opinion of a bond counsel approved by
the authority and of nationally recognized standing in the field of
municipal law.
(ii) Closing documents in a form and substance satisfactory to
the authority. The executed municipal obligation need not be
printed or lithographed nor be in more than 1 denomination.
(iii) Evidence that the pledge for payment of the municipal
obligation will be sufficient to pay the principal of and interest
on the municipal obligation when due.
(iv) For purposes of a project funded under section 16a, an
order
of approval issued by the department of environmental quality
natural resources under part 53 of the natural resources and
environmental protection act, 1994 PA 451, MCL 324.5301 to
324.5316. The order shall state that the project proposed by the
governmental unit has been approved for assistance by the
department
of environmental quality natural
resources.
(v) For purposes of a community water supply or a noncommunity
water supply funded under section 16b, an order of approval issued
by
the department of environmental quality natural resources under
part 54 of the natural resources and environmental protection act,
1994 PA 451, MCL 324.5401 to 324.5418. The order shall state that
the community water supply or the noncommunity water supply
proposed by the governmental unit has been approved for assistance
by
the department of environmental quality natural resources.
(i) "Governmental unit" means this state, a county, city,
township, village, school district, intermediate school district,
community college, public university, authority, district, any
other body corporate and politic or other political subdivision,
any agency or instrumentality of the foregoing, or any group self-
insurance pool formed pursuant to 1951 PA 35, MCL 124.1 to 124.13.
For purposes of a project funded under section 16a, governmental
unit includes an Indian tribe that has jurisdiction over
construction and operation of a project qualifying under 33 USC
1329. For purposes of a community water supply or a noncommunity
water supply funded under section 16b, governmental unit includes a
community water supplier. A governmental unit does not include a
self-insurance pool unless the self-insurance pool has filed a
certification by an independent actuary that the reserves set aside
under section 7a of 1951 PA 35, MCL 124.7a, are adequate for the
payment of claims. A school district shall include a public school
academy established under the revised school code, 1976 PA 451, MCL
380.1 to 380.1852. Funds loaned to a public school academy or a
school district may not be used to finance the purchase,
construction, lease, or renovation of property owned, directly or
indirectly, by any officer, board member, or employee of that
public school.
(j) "Municipal obligation" means a bond or note or evidence of
debt issued by a governmental unit for a purpose authorized by law.
A municipal obligation includes loan repayment obligations from a
school district to this state with respect to a qualified loan made
under a school loan act that is assigned or otherwise transferred
by this state to the authority.
(k) "Noncommunity water supply" means a noncommunity water
supply as defined in part 54 of the natural resources and
environmental protection act, 1994 PA 451, MCL 324.5401 to
324.5418.
(l) "Notes" means an obligation of the authority issued as
provided in this act, including commercial paper, with a maturity
of 3 years or less.
(m) "Project" means a sewage treatment works project or a
nonpoint source project, or both, as defined in part 53 of the
natural resources and environmental protection act, 1994 PA 451,
MCL 324.5301 to 324.5316.
(n) "Reserve fund" means a bond reserve fund or note reserve
fund created and established under section 16.
(o) "Revenues" means all fees, charges, money, profits,
payments of principal of or interest on municipal obligations and
other investments, gifts, grants, contributions, and all other
income derived or to be derived by the authority under this act.
(p) "School loan act" means an act to implement section 16 of
article IX of the state constitution of 1963, including, but not
limited
to, 1961 PA 108, MCL 388.951 to 388.963, 1961 PA 112, MCL
388.981 to 388.985, and the school bond qualification, approval,
and loan act, 2005 PA 92, MCL 388.1921 to 388.1939. For a qualified
bond,
as defined in former 1961 PA 108, MCL 388.951 to 388.963,
with a certificate of qualification from the state treasurer issued
prior
to the effective date of the amendatory act that added this
subdivision
July 20, 2005, "school loan act" means former 1961
PA
108. ,
MCL 388.951 to 388.963. For a
qualified bond as defined in
the school bond qualification, approval, and loan act, 2005 PA 92,
MCL 388.1921 to 388.1939, with a certificate of qualification or
approval
issued by the state treasurer after the effective date of
the
school bond qualification, approval, and loan act July 20,
2005, school loan act means the school bond qualification,
approval, and loan act, 2005 PA 92, MCL 388.1921 to 388.1939.
(q) "Water supplier" means a water supplier as defined in part
54 of the natural resources and environmental protection act, 1994
PA 451, MCL 324.5401 to 324.5418.
Enacting section 1. This amendatory act does not take effect
unless Senate Bill No.____ or House Bill No.____ (request no.
04046'09) of the 95th Legislature is enacted into law.
