This bill would create a new act. It is tie barred to the passage of SB 1521 or HB 6533. UPDATE: SB 1585 was referred to the Senate Energy Policy and Public Utilities Committee on November 5, 2008, but never saw any additional action. The bill expired with the end of the legislative session.
A bill was recently introduced into the Senate which seeks to create a "renewable energy fund" that would provide grants for research into and development of renewable energy.
The fund would be administered and dispersed by the Michigan Department of Treasury. All funds expended would be in the form of grants designated to further research into and development of renewable energy. Money would remain in the fund at the close of the fiscal year and would not relapse into the general fund.
The bill would receive it's funding from SB 1521 or HB 6533, to which it is tie-barred. Those bills, which read the same, allow the Department of Natural Resources to enter into contracts to allow for the exploration of state land for oil and natural gas. At least 1/3 of all profits resultant from such a contract would be deposited into the renewable energy fund. In addition, the state would have at least a 1/6 royalty interest in any such contract, which would also be deposited in the fund. Additional money could be received from any other source as well. (read more...)
SB 1585 was introduced by Senators Mark Schauer (D-Battle Creek), Michael Switalski (D-Roseville), Hansen Clarke (D-Detroit), Tupac Hunter (D-Detroit), and Deborah Cherry (D-Burton) on November 5, 2008. The bill was referred to the Senate Committee on Energy Policy and Public Utilities (Chairperson: Sen. Bruce Patterson (R-Canton).
Read the bill in it's entirety: SB 1585