reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-3A - Chapter 3a (125.2038...125.2039) › Section 125.2039 - Michigan Promotion Fund; Creation; Administration; Use; Credit of Amounts; Investment; Disbursement; Borrowing Money and Issuing Notes; Appropriation.

125.2039 Michigan promotion fund; creation; administration; use; credit of amounts; investment; disbursement; borrowing money and issuing notes; appropriation.
Sec. 39.
(1) The Michigan promotion fund is created as a separate fund in the state treasury and shall be administered by the state treasurer.
(2) The Michigan promotion fund shall be used to promote economic development and job creation in this state through the promotion of tourism.
(3) The state treasurer shall credit to the Michigan promotion fund all amounts designated for the Michigan promotion fund by this chapter and section 21 of the use tax act, 1937 PA 94, MCL 205.111.
(4) The state treasurer shall direct the investment of Michigan promotion fund money in the same manner as all other funds are invested. The state treasurer shall credit to the Michigan promotion fund the interest and earnings from the fund.
(5) Money deposited, funds granted, or funds received as gifts or donations to the Michigan promotion fund shall be available for disbursement when deposited. The Michigan promotion fund is not required to maintain a minimum balance. Funds may be disbursed from the Michigan promotion fund at any time. The Michigan promotion fund shall not be used to promote business development.
(6) Money in the Michigan promotion fund at the close of the state fiscal year shall remain in the Michigan promotion fund and shall not lapse to the state general fund.
(7) Through December 31, 2010, the Michigan promotion fund may borrow money and issue notes to provide sufficient funds for achieving the Michigan promotion fund's purpose and objectives, including, but not limited to, amounts necessary to pay the costs for promoting economic development and job creation in this state through the promotion of tourism; for all other expenditures of the Michigan promotion fund incident to and necessary or convenient to carry out the Michigan promotion fund's purposes, objectives, and powers; and for any combination of these.
(8) For the fiscal year ending September 30, 2010, $9,500,000.00 is appropriated from the Michigan promotion fund to be used as provided in this chapter.
History:
Add. 2010, Act 36, Imd. Eff. Mar. 31, 2010
Compiler's Notes:
For transfer of the Michigan strategic fund from department of treasury to department of talent and economic development, and transfer of powers and duties of board of directors of Michigan strategic fund to new board of directors, see E.R.O. No. 2014-6, compiled at MCL 125.1995.
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-4 - Chapter 4 (125.2041...125.2049a) › Section 125.2041 - "Public Work" Defined.

125.2041 "Public work" defined.
Sec. 41.
As used in this chapter, "public work" means the acquisition, construction, or improvement of public works; the acquisition of easements necessary for the public works; the acquisition of real and personal property and interests in real and personal property which are necessary for the public works; and the demolition of structures, site preparation, relocation costs, building rehabilitation and administrative costs, including, but not limited to, the cost of technical and economic feasibility studies or architectural, engineering, legal, and accounting fees, which are necessary for the public works.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-4 - Chapter 4 (125.2041...125.2049a) › Section 125.2042 - Center for Assistance to Local Government; Establishment and Operation.

125.2042 Center for assistance to local government; establishment and operation.
Sec. 42.
The fund shall establish and operate a center for assistance to local government.
History:
1984, Act 270, Eff. Mar. 29, 1985
Compiler's Notes:
For transfer of the Michigan strategic fund from department of treasury to department of talent and economic development, and transfer of powers and duties of board of directors of Michigan strategic fund to new board of directors, see E.R.O. No. 2014-6, compiled at MCL 125.1995.
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-4 - Chapter 4 (125.2041...125.2049a) › Section 125.2043 - Local Government Assistance Account; Payments Into Account; Transfer of Money.

125.2043 Local government assistance account; payments into account; transfer of money.
Sec. 43.
(1) The center for assistance to local government shall be funded by an account, which shall be established and managed by the fund, to be known as the local government assistance account.
(2) The fund shall pay into the account any money appropriated or otherwise provided by this state for the purposes of the center; any money determined by the fund to be paid into the account from the economic development fund to which the fund succeeded in ownership pursuant to section 22; any money which the fund receives in repayment of loans made through the center for assistance to local government; and any other money made available to the fund for the purposes of the center from any other source, public or private.
(3) Money in the local government assistance account may be transferred into any other account established by the fund, unless the fund is otherwise obligated to retain the money in the local government assistance account or except if the money was appropriated by this state for the purposes of the center.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-4 - Chapter 4 (125.2041...125.2049a) › Section 125.2044 - Utilization of Money; Purposes.

125.2044 Utilization of money; purposes.
Sec. 44.
Subject to the limitations provided by this chapter, the fund may utilize money held in the local government assistance account for 1 or more of the following purposes:
(a) To make loans to a municipality.
(b) To establish a reserve fund to insure or guarantee borrowings of a municipality.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-4 - Chapter 4 (125.2041...125.2049a) › Section 125.2045 - Loans, Loan Insurance, or Guarantees; Requirements.

125.2045 Loans, loan insurance, or guarantees; requirements.
Sec. 45.
Loans, loan insurance, or guarantees provided pursuant to section 44 shall be made only for public works which will assist an economic development project, including those portions of an endeavor devoted to the sale of goods at retail or housing if these portions are inseparable from the economic development project and the public work also assists those portions of the endeavor qualified as an economic development project, which has the potential of creating new jobs or retaining current jobs within this state and which is consistent with the purposes and objectives of the fund.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-4 - Chapter 4 (125.2041...125.2049a) › Section 125.2046 - Loans, Loan Insurance, or Guarantees; Limitation; Lawful Public Improvement; Prohibition; Application.

125.2046 Loans, loan insurance, or guarantees; limitation; lawful public improvement; prohibition; application.
Sec. 46.
(1) A loan, loan insurance, or a loan guarantee shall be provided pursuant to section 44 only for public works.
(2) A public work financed in whole or in part pursuant to section 44 shall be a public improvement which the municipality is empowered to provide for the public under law or its charter. However, a public work shall not include public systems of mass transportation that involve solely the transportation of individuals.
(3) A municipality shall apply for a loan, loan insurance, or loan guarantee pursuant to section 44 either in conjunction with any application the economic development project may make to the fund or with an affidavit of the economic development project attesting to the manner in which the public work will assist the economic development project.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-4 - Chapter 4 (125.2041...125.2049a) › Section 125.2047 - Borrowing or Contracting for Loan Insurance and Loan Guarantees; Debt Limitation; Approval; Certain Acts Inapplicable.

125.2047 Borrowing or contracting for loan insurance and loan guarantees; debt limitation; approval; certain acts inapplicable.
Sec. 47.
A municipality is hereby authorized to borrow or contract for loan insurance and loan guarantees from the fund pursuant to this act, notwithstanding any charter provision to the contrary, or other provision of law. Any amount borrowed by a municipality pursuant to this act shall not be included in, or charged against, any statutory or charter debt limitation of the municipality. A municipality shall not be required to seek or obtain the approval of the electors to borrow money pursuant to this act. The borrowing shall not be subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821, nor to section 5(g) of the home rule city act, 1909 PA 279, MCL 117.5.
History:
1984, Act 270, Eff. Mar. 29, 1985 ;-- Am. 2002, Act 556, Imd. Eff. July 26, 2002
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-4 - Chapter 4 (125.2041...125.2049a) › Section 125.2048 - Loans, Loan Insurance, or Loan Guarantees; Terms and Conditions.

125.2048 Loans, loan insurance, or loan guarantees; terms and conditions.
Sec. 48.
Loans, loan insurance, or loan guarantees provided from the local government assistance account may be on such terms and conditions as the fund, in its sole discretion, determines to be reasonable, appropriate, and consistent with the purposes and objectives of the fund and this chapter.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-4 - Chapter 4 (125.2041...125.2049a) › Section 125.2049 - Loans, Loan Insurance, or Loan Guarantees; Conditions.

125.2049 Loans, loan insurance, or loan guarantees; conditions.
Sec. 49.
A loan, loan insurance, or loan guarantee shall not be provided from the local government assistance account unless it is for a public work which will assist an economic development project and unless the fund finds that there is significant private sector financial support associated with the economic development project.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-4 - Chapter 4 (125.2041...125.2049a) › Section 125.2049a - Paramount Priority.

125.2049a Paramount priority.
Sec. 49a.
The fund shall give paramount priority in providing loans, loan insurance, and loan guarantees from the local government assistance account to municipalities whose past borrowing practices evidence the ability and commitment to make timely payment of principal and interest installments for its obligations and for public works which assist economic development projects which have the greatest potential for creating new jobs or retaining current jobs within this state.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-5 - Chapter 5 (125.2051...125.2058) › Section 125.2051 - Center for Loan Insurance; Establishment and Operation.

125.2051 Center for loan insurance; establishment and operation.
Sec. 51.
The fund shall establish and operate a center for loan insurance.
History:
1984, Act 270, Eff. Mar. 29, 1985
Compiler's Notes:
For transfer of the Michigan strategic fund from department of treasury to department of talent and economic development, and transfer of powers and duties of board of directors of Michigan strategic fund to new board of directors, see E.R.O. No. 2014-6, compiled at MCL 125.1995.
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-5 - Chapter 5 (125.2051...125.2058) › Section 125.2052 - Loan Insurance Account; Payments Into Accounts; Transfer of Money.

125.2052 Loan insurance account; payments into accounts; transfer of money.
Sec. 52.
(1) The center for loan insurance shall be funded by an account, which shall be established and managed by the fund, to be known as the loan insurance account.
(2) The fund shall pay into the account any money appropriated or otherwise provided by this state for the purposes of the center; any money determined by the fund to be paid into the account from the economic development fund to which the fund succeeded in ownership pursuant to section 22; any money which the fund receives as fees or premiums for its provision of loan, lease, or debenture insurance; loan, lease, or debenture guarantees; or letters of credit; and any other money made available to the fund for the purposes of the center from any other source, public or private.
(3) Money in the loan insurance account may be transferred into any other account established by the fund, unless the fund is otherwise obligated to retain the money in the loan insurance account or except if the money was appropriated by this state for the purposes of the center.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-5 - Chapter 5 (125.2051...125.2058) › Section 125.2053 - Powers of Fund Through Center for Loan Insurance.

125.2053 Powers of fund through center for loan insurance.
Sec. 53.
(1) The fund, through the center for loan insurance, may insure, guarantee, or issue letters of credit for all or a part of a loan or debenture of others, public or private.
(2) The fund, through the center for loan insurance, may insure, guarantee, or issue letters of credit for all or a part of a lease entered into by others, public or private.
(3) The fund, through the center for loan insurance, may procure insurance, a guarantee, or a letter of credit from any source for all or a part of a loan, debenture, or lease of others, public or private. The fund may procure insurance, a guarantee, or a letter of credit for either a single loan, debenture, or lease or for any combination of loans, debentures, or leases.
(4) The fund, through the center for loan insurance, may insure, guarantee, or issue letters of credit for all or a part of a revenue bond issued by the fund, another creature of the state, or by another entity or authority authorized by law to issue revenue bonds.
(5) The fund may procure insurance, a guarantee, or a letter of credit for all or a part of a revenue bond issue of the fund, another creature of the state, or by another entity or authority authorized by law to issue revenue bonds. The fund may procure insurance, a guarantee, or a letter of credit for either all or part of a single revenue bond issue or for all or a part of any combination of revenue bond issues.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-5 - Chapter 5 (125.2051...125.2058) › Section 125.2054 - Contract of Insurance.

125.2054 Contract of insurance.
Sec. 54.
To provide loan insurance pursuant to section 53, the fund may enter into a contract of insurance. The insurance code of 1956, Act No. 218 of the Public Acts of 1956, being sections 500.100 to 500.8302 of the Michigan Compiled Laws, shall not apply to such an insurance contract and the fund shall not be considered an insurer subject to the insurance code of 1956, Act No. 218 of the Public Acts of 1956, by virtue of entering into such a contract.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-5 - Chapter 5 (125.2051...125.2058) › Section 125.2055 - Insurance, Guarantees, or Letters of Credit; Limitation; Paramount Priority.

125.2055 Insurance, guarantees, or letters of credit; limitation; paramount priority.
Sec. 55.
(1) Insurance, guarantees, or letters of credit provided or procured pursuant to section 53 shall be provided or procured only for economic development projects within this state which otherwise are consistent with the purposes and objectives of the fund and this chapter, including the requirements of section 12.
(2) The fund shall give paramount priority in providing or procuring insurance, guarantees, and letters of credit to economic development projects which have the greatest potential for creating new jobs or retaining current jobs within this state.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-5 - Chapter 5 (125.2051...125.2058) › Section 125.2056 - Insurance, Guarantees, or Letters of Credit; Legal Assurance of Use; Terms and Conditions; Premiums or Fees; Guidelines.

125.2056 Insurance, guarantees, or letters of credit; legal assurance of use; terms and conditions; premiums or fees; guidelines.
Sec. 56.
(1) Insurance, guarantees, or letters of credit shall not be provided or procured pursuant to section 53 unless the fund is legally assured that the loans, debentures, or leases insured, or guaranteed, or for which letters of credit are issued, will be used to assist economic development projects which also have significant private sector financial support.
(2) Insurance, guarantees, or letters of credit may be provided or procured on such terms and conditions as the fund, in its sole discretion, shall determine to be reasonable, appropriate, and consistent with the purposes and objectives of the fund and this act.
(3) The fund may charge the lender or the borrower, or both, a fee or premium for loan, debenture, or lease insurance, guarantee, or a letter of credit. Guidelines for premiums or fees charged by the fund for loan, debenture, or lease insurance guarantees, or letters of credit shall be established by the fund.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-5 - Chapter 5 (125.2051...125.2058) › Section 125.2057 - Agreements With Lenders.

125.2057 Agreements with lenders.
Sec. 57.
The fund may enter into agreements with lenders for participation in the center for loan insurance. The agreements may include, but need not be limited to:
(a) Authorization for the lender to determine, collect, and transmit to the fund a fee or premium charge within a specified range established consistent with the purposes and objectives of the fund.
(b) Specification of whether the premium charge shall be paid by the lender, the borrower, the fund, or by a combination thereof in specified proportions.
(c) The procedure by which a lender may make a claim upon the fund upon default by the borrower and the conditions under which a claim may be made.
(d) The maximum amount of claims a lender may make upon the fund, which amount may be equal to, greater than, or less than the proportion of the total premiums collected by the fund which is accounted for by premiums collected by the lender.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-5 - Chapter 5 (125.2051...125.2058) › Section 125.2058 - Special Fund; Purpose.

125.2058 Special fund; purpose.
Sec. 58.
The fund may establish a special fund or funds solely to secure some or all of its obligations within the center for loan insurance into which fees or premiums collected by the fund for loan, debenture, or lease insurance, guarantees, or letters of credit may be deposited.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-6 - Chapter 6 (125.2061...125.2069a) › Section 125.2061 - Definitions.

125.2061 Definitions.
Sec. 61.
As used in this chapter:
(a) "MESBIC" means a small business investment company licensed under section 301(d) of the small business investment act of 1958, 15 U.S.C. 681(d).
(b) "Minority" means a person who is black, hispanic, oriental, eskimo, or an American Indian.
(c) "Minority owned business" means a business which is at least 50% owned, controlled, and managed by minorities.
(d) "Minority venture capital company" means a business which makes investments solely in minority owned businesses.
(e) "Venture capital investment" means any of the following investments in a business:
(i) Common or preferred stock and equity securities without a repurchase requirement for at least 5 years.
(ii) A right to purchase stock or equity securities.
(iii) Any debenture or loan, whether or not convertible or having stock purchase rights, which are subordinated, together with security interests against the assets of the borrower, by their terms to all borrowings of the borrower from other institutional lenders, and that is for a term of not less than 3 years, and that has no part amortized during the first 3 years.
(iv) General or limited partnership interests.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-6 - Chapter 6 (125.2061...125.2069a) › Section 125.2062 - Center for Minority Venture Capital; Establishment and Operation.

125.2062 Center for minority venture capital; establishment and operation.
Sec. 62.
The fund shall establish and operate a center for minority venture capital.
History:
1984, Act 270, Eff. Mar. 29, 1985
Compiler's Notes:
For transfer of the Michigan strategic fund from department of treasury to department of talent and economic development, and transfer of powers and duties of board of directors of Michigan strategic fund to new board of directors, see E.R.O. No. 2014-6, compiled at MCL 125.1995.
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-6 - Chapter 6 (125.2061...125.2069a) › Section 125.2064 - Considerations Prior to Certification.

125.2064 Considerations prior to certification.
Sec. 64.
The fund shall also consider, prior to certifying a minority venture capital company or a MESBIC, all of the following:
(a) The current and proposed composition of the board of directors of the minority venture capital company or MESBIC and the relevant experience of the members of the board.
(b) Whether the minority venture capital company or MESBIC has a reasonable likelihood of being financially sound in the long run and capable of earning for its investors a reasonable rate of return.
(c) The current availability of minority venture capital in the geographic area in which the minority venture capital company or MESBIC will conduct business and the current availability of minority venture capital in the area for products or processes similar to those funded or to be funded by the minority venture capital company or MESBIC.
(d) The percentage of the minority venture capital company or MESBIC owned by minorities.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-6 - Chapter 6 (125.2061...125.2069a) › Section 125.2065 - Percentage of Venture Capital Investments; Encouraging Certified Mesbic to Meet Investment Requirements; “Investment” Defined.

125.2065 Percentage of venture capital investments; encouraging certified MESBIC to meet investment requirements; “investment” defined.
Sec. 65.
(1) Sixty-five percent of investments of a certified minority venture capital company shall be venture capital investments.
(2) A certified MESBIC shall be encouraged to use its best efforts to meet the investment requirements imposed by subsection (1) on certified minority venture capital companies.
(3) For purposes of this section, section 61(d), and section 63(2)(d), (e), and (i), "investment" means financial assistance provided by a MESBIC or minority venture capital company, whether through loans, guarantees, venture capital investments, or commitments.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-6 - Chapter 6 (125.2061...125.2069a) › Section 125.2066 - Minority Venture Capital Company as Certified Mesbic.

125.2066 Minority venture capital company as certified MESBIC.
Sec. 66.
A minority venture capital company certified under this chapter that thereafter becomes a MESBIC shall be considered a certified MESBIC under this chapter without separate application.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-6 - Chapter 6 (125.2061...125.2069a) › Section 125.2067 - Independent Program Audit.

125.2067 Independent program audit.
Sec. 67.
A certified minority venture capital company and a certified MESBIC shall have an independent program audit annually performed by a certified public accountant. The fund may visit and examine a certified minority venture capital company or a certified MESBIC and may delegate the authority to visit and examine to the commissioner of the financial institutions bureau.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-6 - Chapter 6 (125.2061...125.2069a) › Section 125.2068 - Effective Date and Duration of Certification; Eligibility as Recipient of Investments; Approval and Effect of Tax Credit Disqualification.

125.2068 Effective date and duration of certification; eligibility as recipient of investments; approval and effect of tax credit disqualification.
Sec. 68.
(1) Unless revoked, a certification provided under this chapter shall be effective and subject the minority venture capital company or MESBIC to the requirements of this chapter from the date of its certification until 6 years following the date of its tax credit disqualification pursuant to subsection (3).
(2) Unless the certification is revoked, from the date of its certification until the date the fund approves a tax credit disqualification for the minority venture capital company or MESBIC pursuant to subsection (3) a certified minority venture capital company and a certified MESBIC shall be an eligible recipient of investments that qualify for a credit under the single business tax act, Act No. 228 of the Public Acts of 1975, being sections 208.1 to 208.145 of the Michigan Compiled Laws, for an investment in a minority venture capital company or MESBIC certified under this chapter.
(3) Upon request of a certified minority venture capital company or a certified MESBIC the fund shall approve a tax credit disqualification for the minority venture capital company or MESBIC and thereafter the minority venture capital company or MESBIC shall not be an eligible recipient of investments that qualify under, and the fund shall not provide a tax credit certification pursuant to section 69a for credits under, Act No. 228 of the Public Acts of 1975.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-6 - Chapter 6 (125.2061...125.2069a) › Section 125.2069 - Revocation of Certification; Notice; Remedying Deficiencies and Complying With Requirements; Determination.

125.2069 Revocation of certification; notice; remedying deficiencies and complying with requirements; determination.
Sec. 69.
If the fund finds that a certified minority venture capital company or a certified MESBIC has failed to comply with the provisions of this chapter or has substantially deviated from the management plan or investment plan submitted in connection with its certification, the fund shall notify the board of directors and officers of the minority venture capital company or MESBIC that the certification will be revoked 120 days after the date of mailing of the notice. The minority venture capital company or MESBIC may notify the fund before the expiration of the 120-day period of all efforts taken to remedy the deficiencies and comply with the requirements of this chapter. The fund shall be responsible for determining whether the minority venture capital company or MESBIC is once again in compliance and, if it determines that the compliance has not been achieved, then the certification shall stand revoked on the date established by the fund.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-6 - Chapter 6 (125.2061...125.2069a) › Section 125.2069a - Tax Credit Certification; Information; Report.

125.2069a Tax credit certification; information; report.
Sec. 69a.
(1) Upon written request to the fund not later than 90 days following an investment, the fund shall certify the following for a person subject to the tax imposed under the single business tax act, Act No. 228 of the Public Acts of 1975, being sections 208.1 to 208.145 of the Michigan Compiled Laws, who seeks to claim the credit provided under Act No. 228 of the Public Acts of 1975 for an investment in a minority venture capital company or MESBIC certified under this chapter:
(a) The date which the person made the investment.
(b) That the investment is in a certified minority venture capital company or MESBIC which has not been disqualified pursuant to section 68(3) as of the date of the investment.
(c) The amount of the investment in the certified minority venture capital company or MESBIC that was made after the effective date of the amendatory act providing for a tax credit under Act No. 228 of the Public Acts of 1975 for an investment in a minority venture capital company or MESBIC certified under this chapter.
(d) The amount of the credit to which the person is entitled under Act No. 228 of the Public Acts of 1975 for an investment in a minority venture capital company or MESBIC certified under this chapter.
(2) A minority venture capital company or MESBIC certified under this chapter and a person requesting a tax credit certification of an investment pursuant to subsection (1) shall provide the fund with all information it requires to make the certification under subsection (1).
(3) A tax credit certification report for an investment certified under subsection (1) shall be sent by the fund to the requester and the department of treasury.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-7 - Chapter 7 (125.2071...125.2079) › Section 125.2071 - Definitions.

125.2071 Definitions.
Sec. 71.
As used in this chapter:
(a) "Economic development fund" means that fund to which the fund succeeded in ownership pursuant to section 22.
(b) "Research and development enterprise" means any person found by the fund to be engaged in a business which uses green chemistry as a design guidance, or the discovery of new substances and the refinement of known substances, processes, products, theories, and ideas, except for those persons whose businesses are directed primarily to the accumulation or analysis of commercial, financial, or mercantile data.
(c) "Research center fund" means that fund created by section 27 of former 1982 PA 70, to which the fund succeeds in ownership pursuant to section 76.
History:
1984, Act 270, Eff. Mar. 29, 1985 ;-- Am. 2010, Act 271, Imd. Eff. Dec. 15, 2010
Compiler's Notes:
For transfer of the Michigan strategic fund from department of treasury to department of talent and economic development, and transfer of powers and duties of board of directors of Michigan strategic fund to new board of directors, see E.R.O. No. 2014-6, compiled at MCL 125.1995.
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-7 - Chapter 7 (125.2071...125.2079) › Section 125.2072 - Center for Research and Development; Establishment and Operation.

125.2072 Center for research and development; establishment and operation.
Sec. 72.
The fund shall establish and operate a center for research and development.
History:
1984, Act 270, Eff. Mar. 29, 1985
Compiler's Notes:
For transfer of the Michigan strategic fund from department of treasury to department of talent and economic development, and transfer of powers and duties of board of directors of Michigan strategic fund to new board of directors, see E.R.O. No. 2014-6, compiled at MCL 125.1995.
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-7 - Chapter 7 (125.2071...125.2079) › Section 125.2073 - Research Center Fund; Payments Into Fund; Transfer of Money.

125.2073 Research center fund; payments into fund; transfer of money.
Sec. 73.
(1) The center for research and development shall be funded by the research center fund.
(2) The fund shall pay into the research center fund any money appropriated or otherwise provided by this state for the purposes of the center for research and development; any money determined by the fund to be paid into the research center fund from the economic development fund; any money paid into the research center fund pursuant to the heritage trust act of 1982, Act No. 327 of the Public Acts of 1982, being sections 318.421 to 318.434 of the Michigan Compiled Laws; any money which the fund receives in return for investments made through the center for research and development; and any other money made available to the fund for the purposes of the center from any other source, public or private.
(3) Money in the research center fund may be transferred into any other account or fund established or operated by the fund, unless the fund is otherwise obligated to retain the money in the research center fund or except if the money was appropriated by this state for the purposes of the center.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-7 - Chapter 7 (125.2071...125.2079) › Section 125.2075 - Business Plan.

125.2075 Business plan.
Sec. 75.
In providing financial aid under this chapter, the fund shall require the preparation of a business plan following guidelines previously adopted by the fund and shall consider the amount of other capital funding and income sources available to assure the continued operation of the nonprofit research and development enterprise.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-7 - Chapter 7 (125.2071...125.2079) › Section 125.2076 - Scope of Succession to Rights, Properties, Obligations, and Duties of Michigan Economic Development Authority; Payments in Research Center Fund.

125.2076 Scope of succession to rights, properties, obligations, and duties of Michigan economic development authority; payments in research center fund.
Sec. 76.
The succession of the fund to all rights, properties, obligations, and duties of the Michigan economic development authority pursuant to section 21 shall include succession to the ownership and operation of the research center fund, of all distributions pursuant to the heritage trust act of 1982, Act No. 327 of the Public Acts of 1982, being sections 318.421 to 318.434 of the Michigan Compiled Laws, to the Michigan economic development authority for deposit in the research center fund, and of all obligations, promises, covenants, commitments, and other requirements relating to the research center fund that were made by the Michigan economic development authority. Payments into the research center fund pursuant to Act No. 327 of the Public Acts of 1982 shall continue to be made as provided by that act upon and after the fund succeeds to ownership and operation of the research center fund.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-7 - Chapter 7 (125.2071...125.2079) › Section 125.2077 - Higher Education Coordination Council; Membership.

125.2077 Higher education coordination council; membership.
Sec. 77.
The fund shall appoint a higher education coordination council containing individuals representative of higher education institutions and having the necessary credentials to provide an inventory and advise the fund on the available research and development enterprises that are or will be established by higher education institutions and the application of that technology to business and industry.
History:
1984, Act 270, Eff. Mar. 29, 1985 ;-- Am. 2006, Act 230, Imd. Eff. June 26, 2006
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-7 - Chapter 7 (125.2071...125.2079) › Section 125.2079 - Location of Renewable Fuel Plants; Inventory of Prime Sites; Availability on Internet; Assistance.

125.2079 Location of renewable fuel plants; inventory of prime sites; availability on internet; assistance.
Sec. 79.
(1) The fund shall identify, publish, and market an inventory of prime sites for the location of renewable fuel plants with existing industrial facilities that have by-products that renewable fuel plants could use to produce energy in this state.
(2) The fund shall make the inventory available to the public on the internet not later than January 1, 2009.
(3) Local units of government and their economic development agencies may assist the fund in its duties under this section.
History:
Add. 2008, Act 320, Imd. Eff. Dec. 18, 2008
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-8 - Chapter 8 (125.2081...125.2087) › Section 125.2081 - “Economic Development Fund” Defined.

125.2081 “Economic development fund” defined.
Sec. 81.
As used in this chapter, "economic development fund" means that fund to which the fund succeeded in ownership pursuant to section 22.
History:
1984, Act 270, Eff. Mar. 29, 1985
Compiler's Notes:
For transfer of the Michigan strategic fund from department of treasury to department of talent and economic development, and transfer of powers and duties of board of directors of Michigan strategic fund to new board of directors, see E.R.O. No. 2014-6, compiled at MCL 125.1995.
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-8 - Chapter 8 (125.2081...125.2087) › Section 125.2082 - Center for Product Development; Establishment and Operation.

125.2082 Center for product development; establishment and operation.
Sec. 82.
The fund shall establish and operate a center for product development.
History:
1984, Act 270, Eff. Mar. 29, 1985
Compiler's Notes:
For transfer of the Michigan strategic fund from department of treasury to department of talent and economic development, and transfer of powers and duties of board of directors of Michigan strategic fund to new board of directors, see E.R.O. No. 2014-6, compiled at MCL 125.1995.
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-8 - Chapter 8 (125.2081...125.2087) › Section 125.2083 - Product Development Program Account; Payments Into Account; Transfer or Deposit of Money.

125.2083 Product development program account; payments into account; transfer or deposit of money.
Sec. 83.
(1) The center for product development shall be funded by an account, which shall be established and managed by the fund, to be known as the product development program account.
(2) The fund shall pay into the account any money appropriated or otherwise provided by this state for the purposes of the center for product development; any money determined by the fund to be paid into the account from the economic development fund; any money which the fund receives in return for investments made through the center for product development; and any other money made available to the fund for the purposes of the center from any other source, public or private.
(3) Money in the product development program account may be transferred into any other account established by the fund unless the fund is otherwise obligated to retain the money in the product development program account or except if the money was appropriated by this state for the purposes of the center or represents interest earned from these appropriations while on deposit in the account. The fund may deposit money earned by the fund from royalties, rights, or other benefits pursuant to section 84 or 86a in any account established by the fund.
History:
1984, Act 270, Eff. Mar. 29, 1985 ;-- Am. 1987, Act 278, Imd. Eff. Jan. 6, 1988
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-8 - Chapter 8 (125.2081...125.2087) › Section 125.2084 - Product Development Program Account; Utilization of Money; Purpose; Terms and Conditions of Financial Aid; Condition to Financial Aid.

125.2084 Product development program account; utilization of money; purpose; terms and conditions of financial aid; condition to financial aid.
Sec. 84.
(1) The fund may utilize the money held in the product development program account to provide financial aid to applicants when financial aid would not otherwise be available on reasonable terms from other sources and shall enter into venture agreements whereby the fund will obtain royalties, rights, or other benefits from or in a targeted invention, product, device, or technique; a related or derivative invention, product, device, or technique; or other applicant revenues, which royalties, rights, and other benefits are obtained in exchange for the granting of financial aid to the applicant.
(2) Financial aid provided from the product development program account shall be for the purpose of financing any new process, technique, product, or device which is or may be exploitable commercially, which has advanced beyond the theoretical state, and which is capable of being or has been reduced to practice without regard to whether a patent has or could be granted.
(3) Financial aid provided and venture agreements made by the fund may be on the terms and conditions the fund, in its sole discretion, determines to be reasonable, appropriate, and consistent with the purposes and objectives of the fund and this chapter, including the requirements of section 12.
(4) Financial aid provided and venture agreements made pursuant to this section shall be made on the condition that the benefits of increasing employment and tax revenues remain in the state.
History:
1984, Act 270, Eff. Mar. 29, 1985 ;-- Am. 1987, Act 278, Imd. Eff. Jan. 6, 1988
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-8 - Chapter 8 (125.2081...125.2087) › Section 125.2085 - Recipients of Financial Aid.

125.2085 Recipients of financial aid.
Sec. 85.
Financial aid provided from the product development program account may be made to any individual, partnership, profit or nonprofit corporation, college or university, or joint venture carrying on business or proposing to carry on business within this state.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-8 - Chapter 8 (125.2081...125.2087) › Section 125.2086 - Amount of Financial Aid and Terms of Venture Agreement; Evaluation and Examination.

125.2086 Amount of financial aid and terms of venture agreement; evaluation and examination.
Sec. 86.
In determining the amount of financial aid to be awarded and the terms of the venture agreement, the fund shall evaluate, among other things, the necessity of fund participation in the enterprise, the diversity of products and types of business concerns for which the fund has provided financial aid under this chapter, the availability of funding sources on reasonable terms in the traditional capital markets, the management structure and expertise of the enterprise, the state of development of the proposed product, process, technique, or device and the likelihood of its commercial feasibility, and the report and recommendations of the advisory panel created pursuant to section 87. The fund shall also examine, in determining the manner and extent of its participation, the extent to which the enterprise has a cooperative arrangement with a college or university in this state.
History:
1984, Act 270, Eff. Mar. 29, 1985
Popular Name:
Strategic Fund