Michigan Compiled Laws 451-1994-ii-6-196 Part 196 Clean Michigan Initiative Implementation (324.19601...324.19616)

• Section 324.19601 Definitions.
  As used in this part: (a) “Bonds” means the bonds authorized under the clean Michigan initiative act. (b) “Corrective action” means that term as...
• Section 324.19602 Findings And Declaration.
  The legislature finds and declares that the environmental and natural resources protection programs implemented under this part are a public purpose and of paramount...
• Section 324.19603 Bonds; Issuance; Refund; Security; Authority Of State Treasurer; Bonds Not Subject To Revised Municipal Finance Act; Sale; Issuance Subject To Agency Financing Reporting Act; Interest Rate Agreement.
  (1) The bonds shall be issued in 1 or more series, each series to be in a principal amount, to be dated, to have...
• Section 324.19604 Bonds As Negotiable And Exempt From Taxation.
  The bonds shall be fully negotiable under the uniform commercial code, 1962 PA 174, MCL 440.1101 to 440.11102. The bonds and the interest on...
• Section 324.19605 Bonds As Securities; Investment Of Funds.
  The bonds are securities in which banks, savings and loan associations, investment companies, credit unions, and other persons carrying on a banking business; all...
• Section 324.19606 Clean Michigan Initiative Bond Fund; Creation; Composition; Establishment Of Restricted Subaccounts.
  (1) The clean Michigan initiative bond fund is created in the state treasury. (2) The fund shall consist of all of the following: (a)...
• Section 324.19607 Disposition And Allocation Of Fund; Investment; Loan Repayments; Expenditures; Unencumbered Balance Not To Revert To General Fund; Annual Accounting.
  (1) The total proceeds of all bonds shall be deposited into the fund and allocated as follows: (a) Not more than $335,000,000.00 shall be...
• Section 324.19608 Use Of Money Allocated Under Mcl 324.19607; Purposes; Notice To Public Advisory Council; Use Of Fund To Develop Municipal Or Commercial Marina Prohibited; Payment Of Costs; Grant Prohibited; Submission Of Eligible Project List; Carrying Over Appropriations Until Project Completion; Submission Of List Of Financed Projects.
  (1) Money in the fund that is allocated under section 19607 shall be used for the following purposes: (a) Money allocated under section 19607(1)(a)...
• Section 324.19608a Clean Michigan Initiative Revolving Loan Program.
  (1) The department shall create a clean Michigan initiative revolving loan program for the purpose of making loans to local units of government and...
• Section 324.19609 Grant Or Loan Application; Form Or Format.
  An application for a grant or a loan from the fund shall be made on a form or in a format prescribed by the...
• Section 324.19610 Grant Or Loan Funding; Conditions.
  The administering state department shall not make a grant or a loan with money from the fund unless all of the following conditions are...
• Section 324.19611 Balancing Distribution Of Grants And Loans.
  Prior to making a grant or loan with money from the fund, the administering state department shall consider the extent to which the making...
• Section 324.19612 Duties Of Grant Or Loan Recipient; Revoking Grant Or Withholding Payment; Cancellation Of Grant Or Loan Offer; Termination Of Grant Or Loan Agreement; Renegotiation Of Outstanding Loan Terms; Disposition Of Loan Payments And Interest; Default.
  (1) A recipient of a grant or a loan made with money from the fund shall do both of the following: (a) Keep an...
• Section 324.19613 Grants And Loans Under Mcl 324.19608; Conditions.
  Of the funds to be used to provide grants and loans under section 19608(1)(a)(iv), all of the following conditions apply: (a) A recipient of...
• Section 324.19614 Recovery Of Costs.
  The department and the department of the attorney general may recover costs expended pursuant to section 19608(1)(a)(i) to (iv) for corrective actions, response activities,...
• Section 324.19615 Performance Audit.
  Every 2 years that state programs funded with money from the fund continue to be administered, the auditor general shall conduct a performance audit...
• Section 324.19616 Rules.
  The department may promulgate rules as are necessary to implement this part. History: Add. 1998, Act 288, Eff. Dec. 1, 1998 Popular Name: Act...

Last modified: October 10, 2016