Michigan Compiled Laws § 324.95108 Payment On Outstanding Bonds; Costs; Annual Executive Budget.
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 this act and the costs incidental to the payment of the bonds.
(2) The governor shall include the appropriation provided for in subsection (1) in his or her annual executive budget recommendations to the legislature.
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 on July 27, 1998, provides that bonds “shall not be issued under this act unless the question set forth in section 5 [MCL 324.95105] is approved by a majority vote of the registered electors voting on the question.” In accordance with Const 1963, art 9, sec 15, 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 was submitted to the qualified electors of the state at the November 3, 1998, general election as Proposal C. Proposal C was approved by a majority of the electors voting thereon at the November 3, 1998, general election.For transfer of powers and duties of department of natural resources and environment to department of natural resources, see E.R.O. No. 2011-1, compiled at MCL 324.99921.
Section: 324.95108
Last modified: October 10, 2016