LAND EXCHANGE FACILITATION FUND CAP - H.B. 4753: FLOOR ANALYSIS
House Bill 4753 (as reported by the Committee of the Whole)
Sponsor: Representative David Mead
House Committee: Appropriations
Senate Committee: Appropriations
CONTENT
The bill would amend the Natural Resources and Environmental Protection Act to increase the cap on the Land Exchange Facilitation Fund (LEFF) from $500,000 to $2,500,000.
Under the Act, the Department of Natural Resources (DNR) is allowed, under certain circumstances, to designate State-owned lands as surplus. The DNR may sell lands designated as surplus at fair market value. Proceeds from the sale of surplus lands are to be deposited into the LEFF and used to purchase other lands for natural resources management, administration, and public recreation approved by the Legislature pursuant to the Michigan Natural Resources Trust Fund provisions of the Act. The DNR may not authorize the sale of surplus lands if the proceeds would cause the LEFF to exceed $500,000. The bill would increase this limit to $2,500,000.
MCL 324.2131
FISCAL IMPACT
The bill would increase the limit on the value of the land that the DNR may sell as surplus to $2,500,000, while concurrently increasing to $2,500,000 the potential value of land to be purchased for natural resources management or recreational purposes in exchange.
Date Completed: 11-7-01 - Fiscal Analyst: P. GrahamFloor\hb4753 - Bill Analysis @ http://www.senate.state.mi.us/sfa
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.