HB-4488, As Passed Senate, December 16, 2003                                

SUBSTITUTE FOR

HOUSE BILL NO. 4488

                                                                             A bill to amend 1855 PA 105, entitled                                             

"An act to regulate the disposition of the surplus funds in the             

state treasury; to provide for the deposit of surplus funds in              

certain financial institutions; to lend surplus funds pursuant to           

loan agreements secured by certain commercial, agricultural, or             

industrial real and personal property; to authorize the loan of             

surplus funds to certain municipalities; to authorize the                   

participation in certain loan programs; to authorize an                     

appropriation; and to prescribe the duties of certain state                 

agencies,"                                                                  

by amending section 4 (MCL 21.144) and by adding section 2f.                

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

1   Sec. 2f.  (1) The state treasurer may invest surplus funds                  

2   in loans to a land bank fast track authority or a brownfield                

3   redevelopment authority at the market rate of interest, as                  

4   determined by the state treasurer, for the purpose of clearing or           

5   quieting title to tax reverted property held by or under the                

6   control of an authority or for any other purpose that the land              

7   bank fast track authority or brownfield redevelopment authority             

1   is authorized to undertake with respect to property transferred             

2   to a land bank fast track authority or over which a land bank               

3   fast track authority may exercise its authority.                            

4       (2) A loan made to a land bank fast track authority or a                    

5   brownfield redevelopment authority under this section shall not             

6   be for a period of more than 10 years as determined by the state            

7   treasurer.  All other terms of the loan, including security                 

8   required for the loan, if any, shall be prescribed by the state             

9   treasurer.                                                                  

10      (3) As used in this section:                                                

11      (a) "Brownfield redevelopment authority" means an authority                 

12  created under the brownfield redevelopment financing act, 1996 PA           

13  381, MCL 125.2651 to 125.2672.                                              

14      (b) "Land bank fast track authority" means an authority                     

15  created under the land bank fast track act.                                 

16      (c) "Tax reverted property" means that term as defined in the               

17  land bank fast track act.

18      Sec. 4.  (1) Nothing  herein  contained  , in this act

19  shall be held or considered  , as in any manner changing or                 

20  affecting to change or affect the liability of the state                   

21  treasurer or his or her bail, on his or  their her bond to  the

22  this state.                                                                 

23  (2) Loans made under this act are not subject to the revised                

24  municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.                

25      (3) Loans made under this act are subject to the agency                     

26  financing reporting act, 2002 PA 470, MCL 129.171 to 129.177.

27      Enacting section 1.  This amendatory act does not take                      

1   effect unless all of the following bills of the 92nd Legislature            

2   are enacted into law:                                                       

3       (a) House Bill No. 4480.                                                    

4       (b) House Bill No. 4481.                                                    

5       (c) House Bill No. 4482.                                                    

6       (d) House Bill No. 4483.                                                    

7       (e) House Bill No. 4484.