PROPOSAL 02-2

A PROPOSAL TO AUTHORIZE BONDS FOR SEWAGE TREATMENT WORKS PROJECTS, STORM WATER PROJECTS AND WATER POLLUTION PROJECTS

This proposal would:

Authorize the State of Michigan to borrow a sum not to exceed $1 billion to improve the quality of the waters of the state by financing sewage treatment works projects, storm water projects and water pollution projects.

Authorize the state to issue general obligation bonds pledging the full faith and credit of the state for the payment of principal and interest on the bonds.

Provide for repayment of the bonds from the general fund of the state.

Should this proposal be adopted?