324.95101 Short title. Sec. 1. This act shall be known and may be cited as the “clean Michigan initiative act”. History: 1998, Act 284, Imd. Eff. July 27, 1998 Compiler’s Notes: Act 284 of 1998, known as the Clean Michigan Initiative Act, which was approved by the Governor and filed with the Secretary of State […]
324.95102 Bonds; limitation on amount; issuance; full faith and credit; purpose. Sec. 2. The state shall borrow a sum not to exceed $675,000,000.00 and issue the general obligation bonds of this state, pledging the full faith and credit of the state for the payment of principal and interest on the bonds, to finance environmental and […]
324.95103 Bonds; issuance; conditions and procedures. Sec. 3. Bonds shall be issued in accordance with conditions and procedures to be established by law. History: 1998, Act 284, Imd. Eff. July 27, 1998 Compiler’s Notes: Act 284 of 1998, known as the Clean Michigan Initiative Act, which was approved by the Governor and filed with the […]
324.95104 Sale of bonds; disposition of proceeds; disbursement; expenditure. Sec. 4. The proceeds of the sale of any series of the bonds, any premium and accrued interest received on the delivery of the bonds, and any interest earned on the proceeds of the bonds shall be deposited in the state treasury and credited to the […]
324.95105 Borrowing and issuance of bonds; submission of question to vote of electors. Sec. 5. The question of borrowing a sum not to exceed $675,000,000.00 and the issuance of the general obligation bonds of the state for the purposes set forth in this act shall be submitted to a vote of the electors of the […]
324.95106 Performance of acts by secretary of state. Sec. 6. The secretary of state shall perform all acts necessary to properly submit the question prescribed by section 5 to the electors of this state qualified to vote on the question at the next general November election. History: 1998, Act 284, Imd. Eff. July 27, 1998 […]
324.95107 Approval by vote required. Sec. 7. Bonds shall not be issued under this act unless the question set forth in section 5 is approved by a majority vote of the registered electors voting on the question. History: 1998, Act 284, Imd. Eff. July 27, 1998 Compiler’s Notes: Act 284 of 1998, known as the […]
324.95108 Payment on outstanding bonds; costs; annual executive budget. Sec. 8. (1) After the issuance of the bonds authorized by this act, there shall be appropriated from the general fund of the state each fiscal year a sufficient amount to pay promptly, when due, the principal of and interest on all outstanding bonds authorized by […]
