November 5, 2008, Introduced by Senators SCHAUER, SWITALSKI, CLARKE, HUNTER and CHERRY and referred to the Committee on Energy Policy and Public Utilities.
A bill to create the renewable energy fund; to provide for a
grant program for the promotion of renewable energy; and to provide
for the powers and duties of certain state and local governmental
officers and entities.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 1. This act shall be known and may be cited as the
"renewable energy fund act".
Sec. 3. As used in this act:
(a) "Department" means the department of treasury.
(b) "Fund" means the renewable energy fund created in section
5.
(c) "Renewable energy" means that term as defined in the
clean, renewable, and efficient energy act.
Sec. 5. (1) The renewable energy fund is created within the
state treasury.
(2) The state treasurer shall receive money or other assets
from the state's working interest in oil and gas exploration and
development under section 502 of the natural resources and
environmental protection act, 1994 PA 451, MCL 324.502. The state
treasurer may receive money or other assets from any other source
for deposit into the fund. The state treasurer shall direct the
investment of the fund. The state treasurer shall credit to the
fund interest and earnings from fund investments.
(3) Money in the fund at the close of the fiscal year shall
remain in the fund and shall not lapse to the general fund.
(4) The department shall be the administrator of the fund for
auditing purposes.
(5) The department shall expend money from the fund, upon
appropriation, only to provide grants for research into and
development of renewable energy.
Sec. 7. Pursuant to the administrative procedures act of 1969,
1969 PA 306, MCL 24.201 to 24.328, within 1 year after the
effective date of this act, the department shall promulgate rules
to implement the grant program under section 5.
Enacting section 1. This act does not take effect unless
Senate Bill No. 1521 or House Bill No. 6533 of the 94th Legislature
is enacted into law.