Section 324.5202 - Strategic water quality initiatives loan program; establishment; purpose; interest rate.
NATURAL RESOURCES AND ENVIRONMENTAL PROTECTION ACT (EXCERPT)
Act 451 of 1994
324.5202 Strategic water quality initiatives loan program; establishment; purpose; interest rate.
Sec. 5202.
(1) The authority in consultation with the department shall establish a strategic water quality initiatives loan program. This loan program shall provide low interest loans to municipalities to provide assistance for improvements to a sewage system for 1 or more of the following:
(a) Improvements to reduce or eliminate the amount of groundwater or storm water entering a sanitary sewer lead or a combined sewer lead.
(b) Upgrades or replacements of failing on-site septic systems that are adversely affecting public health or the environment, or both.
(2) In implementing the loan program, the department shall annually establish the interest rate that will be charged for loans.
History: Add. 2002, Act 397, Eff. Nov. 5, 2002
Compiler's Notes: Enacting section 2 of Act 397 of 2002 provides:“Enacting section 2. This amendatory act does not take effect unless the question provided for in the Great Lakes water quality bond authorization act is approved by a majority of the registered electors voting on the question at the November 2002 general election.”Act 396 of 2002, the Great Lakes water quality bond authorization act, which was approved by the Governor on May 29, 2002, and filed with the Secretary of State on May 30, 2002, provided that bonds “shall not be issued under this act unless the question set forth in section 5 [MCL 324.95205] 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 of not to exceed $1,000,000,000.00 and the issuance of general obligation bonds of the state for the purposes set forth in the act was submitted to, and approved by, the qualified electors of the state as Proposal 02-2 at the November 5, 2002, general election.
Popular Name: Act 451
Popular Name: NREPA