Bill > SB0950

This bill establishes the Michigan Water Trust Fund, a dedicated fund to manage and protect the state's waters, which are declared a public trust for the benefit of the people and must be protected from pollution and destruction. The fund will be managed by the State Treasurer, who can invest its assets, and will receive royalties and other contributions. The bill defines key terms such as "bottled drinking water," "local unit of government," and "public water supply," and creates the Michigan Water Trust Fund Board within the Department of Environment, Great Lakes, and Energy to review grant applications. The fund's revenues, interest, and earnings will be used to administer the fund and provide grants for various water-related purposes, including addressing water emergencies by providing bottled water, replacing lead service lines, testing private wells, administering on-site wastewater regulations, assisting low-income residential customers with water bills, and funding water infrastructure projects that improve water quality and flood resilience. The bill also mandates reporting on the fund's financial status and investment performance, and sets limits on how much of the annual revenue can be spent until the fund's principal reaches a certain level.