evidence_text: Senator Albert offered the following amendments:
  
  1. Amend page 143, line 21, after “(7” by inserting “a”.
  
  2. Amend page 143, line 24, after “units” by striking out the balance of the page through “section.” on line 4 of page 145 and inserting “that certify and attest to establishing pension best practices as provided in subsection (7b) for their qualified retirement system.
  
  (7b) To qualify for a grant award under this section, a qualified unit must certify and attest via an affidavit that it shall implement all of the following practices upon the receipt of a grant award:
  
  (a) Retiree health care, if offered, shall be prefunded. As used in this subdivision, “prefunded” means qualified units must amortize the unfunded actuarial accrued liability of the retiree health care system over a maximum closed period as determined by the uniform actuarial assumptions of retirement systems published as of December 31, 2021 by the state treasurer under the protecting local government retirement and benefits act, 2017 PA 202, MCL 38.2801 to 38.2812. The grant award deposited into a qualified retirement system, as provided in subsection (3)(c)(i), may be used by the qualified unit to prefund health care.
  
  (b) The qualified unit shall make, in full, all actuarially determined contributions. If a qualified unit’s actual contribution is less than the actuarially determined contribution, the qualified unit shall remit an amount equal to the difference to the qualified retirement system within 12 months. If the qualified unit fails to remit this payment within 12 months, the department of treasury may intercept the qualified unit’s revenue sharing payment. For a qualified unit that is a road commission, the department of transportation, in cooperation with the department of treasury, may intercept an available state revenue distribution.
  
  (c) The discount rate and the assumed rate of return for the qualified retirement system shall be capped at current levels. The discount rate and assumed rate of return may be approved for adjustment to a lower level.
  
  (d) The qualified retirement system shall adopt the most recent mortality tables recommended by the Society of Actuaries, which may subsequently be adjusted based on an experience study of the qualified retirement system.
  
  (e) Within 5 years, the qualified unit shall comply with the uniform actuarial assumptions of retirement systems published as of December 31, 2021 by the state treasurer under the protecting local government retirement and benefits act, 2017 PA 202, MCL 38.2801 to 38.2812, for the qualified retirement system.
  
  (7c) Grant awards distributed under this section must meet all of the following conditions:
  
  (a) Grant awards to a qualified unit are capped at 5% of the amount of funds available for grant awards. This cap does not apply if subsequent rounds of applications are established under subdivision (b).
  
  (b) Any funds not awarded by September 30, 2023 must be used for additional rounds of applications until all funds are dispersed.
  
  (c) A qualified unit receiving a grant award under this section shall be subject to the following uses in the following order of priority:
  
  ( i ) The grant award must be deposited first on paying off pension or Other Post Employment Benefit (OPEB) obligation bonds.
  
  ( ii ) The grant award must be deposited into the qualified retirement system and must be in addition to the qualified unit’s actuarially determined contribution and must not be used by the qualified unit to meet its actuarially determined contribution for the qualified retirement system. The amount deposited into the qualified retirement system must establish a funded ratio of at least 100% before the qualified unit can use funds under subparagraph.
  
  ( iii ) Grant awards may also be deposited for a retirement health benefit of a retirement system, as defined in section 3 of the protecting local government retirement and benefits act, 2017 PA 202, MCL 38.2803, of a qualified unit that is transitioning from pay-as-you-go to prefunding.
  
  ( iv ) The qualified unit may use any funds available after satisfying subparagraph ( i ) to make principal payments on any outstanding debt obligations as of December 31, 2021. A qualified unit is allowed to create a debt sinking fund to prefund any debt repayments that are not eligible for early repayment. The qualified unit must have no remaining debt obligations before the qualified unit can use funds under subparagraph ( iii ).
  
  ( v ) The qualified unit may use any funds available after satisfying subparagraphs ( i ) and ( ii ) to satisfy any matching fund requirements for infrastructure investments.
  
  (7d) The department of treasury shall develop, and publish on the department website, program guidelines, an application process, and the associated application materials no later than July 1, 2023. The department of treasury must accept applications from qualified units beginning July 1, 2023 and ending on July 31, 2023. Grant awards must be dispersed no later than September 30, 2023.
  
  (7e) As used in this section:
  
  (a) “Qualified retirement system” means a retirement pension benefit within a retirement system, as defined in section 3 of the protecting local government retirement and benefits act, 2017 PA 202, MCL 38.2803, of a qualified unit, with a funded ratio greater than or equal to 60% as of December 31, 2021.
  
  (b) “Qualified unit” means a city, county, township, village, or road commission that operates a qualified retirement system or has closed a qualified retirement system and offers a defined contribution retirement plan.
  
  (7f) The unexpended funds appropriated in part 1 for local unit municipal pension principal payment grant are designated as a work project appropriation, and any unencumbered or unallotted funds shall not lapse at the end of the fiscal year and shall be available for expenditures for projects under this section until the projects have been completed. The following is in compliance with section 451a(1) of the management and budget act, 1984 PA 431, MCL 18.1451a:
  
  (a) The purpose of the project is to promote pension best practices and debt reduction measures among qualified units.
  
  (b) The project will be accomplished by grants to qualified units approved by the department of treasury.
  
  (c) The estimated cost of this project is $150,000,000.00.
  
  (d) The tentative completion date for the work project is September 30, 2027.”.
  
  The amendments were not adopted, a majority of the members serving not voting therefor.