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) › 270-1984-8 - Chapter 8 (125.2081...125.2087) › Section 125.2086a - Financial Aid to Nonprofit Corporation; Powers and Duties of Corporation; Fund as Party to Venture Agreement; Provisions of Venture Agreement.

125.2086a Financial aid to nonprofit corporation; powers and duties of corporation; fund as party to venture agreement; provisions of venture agreement.
Sec. 86a.
(1) The fund may provide financial aid to a nonprofit corporation which has as its only purposes the same purposes as this chapter. Except as provided in subsection (2), a corporation receiving financial aid under this section has the same powers and duties provided in this chapter.
(2) The fund shall be made a party to a venture agreement made by a corporation receiving financial aid under this section. The venture agreement shall provide that the fund 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, or other benefits are obtained by the corporation in exchange for the granting of financial aid to an applicant.
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 125.2087 - Advisory Panel; Purpose; Membership; Report; Recommendation.

125.2087 Advisory panel; purpose; membership; report; recommendation.
Sec. 87.
An advisory panel shall be convened by the fund to consider proposals for venture agreements and financial aid from the product development program account. The panel shall be composed of 5 members appointed by the fund having skills and experience in providing capital to innovative business, in starting and operating such businesses, or in providing professional and technical services to or otherwise working with such businesses. The advisory panel shall report to the fund its analysis and recommendations on the proposal for financial aid and a venture agreement.
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) › 270-1984-8A - Chapter 8a (125.2088...125.2088t) › Section 125.2088 - Legislative Findings; Intent; Scope of Activities.

125.2088 Legislative findings; intent; scope of activities.
Sec. 88.
(1) The legislature finds and declares that the activities authorized under this chapter to encourage diversification of the economy and the creation of jobs in this state are a public purpose and of paramount concern in the interest of the health, safety, and general welfare of the citizens of this state. It is the intent of the legislature that the economic benefits and the creation of jobs resulting from this chapter shall accrue substantially within this state.
(2) Activities authorized under this chapter shall not be considered a project, economic development project, or a product assisted by the fund for purposes of chapter 1 or 2.
History:
Add. 2005, Act 225, Imd. Eff. Nov. 21, 2005
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) › 270-1984-8A - Chapter 8a (125.2088...125.2088t) › Section 125.2088e - Private Equity Investment Program.

125.2088e Private equity investment program.
Sec. 88e.
When creating programs for 21st century investments under this chapter, the fund shall create and operate a private equity investment program. The fund board shall authorize investments only in or alongside a qualified private equity fund. The private equity investment program shall do all of the following:
(a) Provide that the return on investment that is sought is greater than the return on investment under the commercial loan portion of the loan enhancement program to reflect the greater risk.
(b) Provide that the qualified private equity fund will have an amount at risk greater than the fund's investment.
(c) Provide that a qualified private equity fund is not eligible to participate in a private equity investment program unless it operates a business development office in this state staffed with at least 1 full-time equivalent employee who is actively seeking opportunities for investments in businesses located in this state unless the investment opportunity requested by the qualified private equity fund is targeted to a specific transaction that will save jobs and will not occur without the fund's investment as determined by the fund board.
(d) Provide that a qualified private equity fund is not eligible to participate in a private equity investment program unless it agrees to make investments in this state at a percentage rate that is not less than the percentage rate that the fund's investment in the qualified private equity fund bears to the total amount in the qualified private equity fund.
(e) Provide that a qualified private equity fund is not eligible to participate in a private equity investment program if its investment strategy provides for the breakup and liquidation of businesses. The fund board shall make sure that the agreements with a private equity fund have the appropriate provisions to prohibit the actions described in this subdivision.
History:
Add. 2005, Act 225, Imd. Eff. Nov. 21, 2005
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) › 270-1984-8A - Chapter 8a (125.2088...125.2088t) › Section 125.2088g - Mezzanine Investment Program.

125.2088g Mezzanine investment program.
Sec. 88g.
When creating programs for 21st century investments under this chapter, the fund shall create and operate a mezzanine investment program. The fund board shall authorize investments in or alongside a qualified mezzanine fund under a mezzanine investment program providing for all of the following:
(a) That the return on investment that is sought is greater than the return on investment under the commercial loan portion of the loan enhancement program to reflect the greater risk.
(b) That the qualified mezzanine fund will have an amount at risk greater than the fund's investment.
(c) That a qualified mezzanine fund is not eligible to participate in a mezzanine investment program unless it operates a business development office in this state staffed with at least 1 full-time equivalent employee who is actively seeking opportunities for mezzanine investments in businesses located in this state.
(d) That a qualified mezzanine fund is not eligible to participate in a mezzanine investment program unless it agrees to make mezzanine investments in this state at a percentage rate that is not less than the percentage rate that the fund's investment in the qualified mezzanine fund bears to the total amount in the qualified mezzanine fund.
(e) That a qualified mezzanine fund is not eligible to participate in a mezzanine investment program if its investment strategy provides for the breakup and liquidation of businesses. The fund board shall make sure that the agreements with a qualified mezzanine fund have the appropriate provisions to prohibit the actions described in this subdivision.
History:
Add. 2005, Act 225, Imd. Eff. Nov. 21, 2005
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) › 270-1984-8A - Chapter 8a (125.2088...125.2088t) › Section 125.2088n - Access to Books and Records by Auditor General; Separate Audit; Requirement That Recipient Provide Information Necessary for Production of Reports.

125.2088n Access to books and records by auditor general; separate audit; requirement that recipient provide information necessary for production of reports.
Sec. 88n.
(1) All contracts approved by the fund for 21st century investments and all contracts approved by the commercialization board or fund board for grants or loans under this chapter shall contain a provision that the auditor general has access to the books and records, including financial records and all other information and data relevant to the terms of the contract related to the use of the grant, loan, or 21st century investment.
(2) If the fund board or the commercialization board has a reasonable belief that a breach of contract has occurred, the fund has the right to have the recipient's annual financial statements separately audited by an independent certified public accountant at its sole cost and expense. If the audit reveals that a breach of contract has occurred, the recipient shall reimburse the fund for the fees and expenses incurred to perform the audit.
(3) As a condition of receiving funding under this chapter, the fund shall require a recipient to agree to provide to the fund the information necessary for the fund to produce the reports required under this section.
History:
Add. 2005, Act 215, Imd. Eff. Nov. 21, 2005 ;-- Am. 2014, Act 453, Eff. Jan. 14, 2015
Compiler's Notes:
For transfer of powers and duties of strategic economic investment and commercialization board to Michigan strategic fund board, see E.R.O. No. 2010-4, compiled at MCL 125.1993.
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) › 270-1984-8A - Chapter 8a (125.2088...125.2088t) › Section 125.2088o - Technology Transfer Acceleration Program.

125.2088o Technology transfer acceleration program.
Sec. 88o.
The fund shall create and operate a program to accelerate technology transfer from Michigan's institutions of higher education to the private sector for commercialization of competitive edge technologies and bioeconomy technologies. The technology transfer acceleration program shall include all of the following:
(a) Encourage and work with the state's public universities to identify the commercial potential in advanced technologies from individual institutions of higher education.
(b) Facilitate the bundling of inventions from individual institutions of higher education into packages that could be of interest to private sector firms looking for commercialization opportunities.
(c) Encourage business formation efforts in institution of higher education technology transfer offices to increase the number of institution of higher education related start-up companies.
(d) Work with institutions of higher education in encouraging the institutions to provide their faculty with incentives for participating in technology transfer and commercialization activities.
(e) Facilitate the use of the applied research expertise within institutions of higher education by qualified businesses.
History:
Add. 2005, Act 215, Imd. Eff. Nov. 21, 2005 ;-- Am. 2008, Act 367, Imd. Eff. Dec. 23, 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) › 270-1984-8B - Chapter 8b (125.2089...125.2089d) › Section 125.2089 - Legislative Findings; Intent; Scope of Activities.

125.2089 Legislative findings; intent; scope of activities.
Sec. 89.
(1) The legislature finds and declares that the activities authorized under this chapter to promote this state and the creation of jobs in this state are a public purpose and of paramount concern in the interest of the health, safety, and general welfare of the citizens of this state. It is the intent of the legislature that the economic benefits and the creation of jobs resulting from this chapter shall accrue substantially within this state.
(2) Activities authorized under this chapter shall not be considered a project, economic development project, or a product assisted by the fund for purposes of chapter 1 or 2.
History:
Add. 2008, Act 100, Imd. Eff. Apr. 18, 2008
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) › 270-1984-8B - Chapter 8b (125.2089...125.2089d) › Section 125.2089a - Michigan Promotion Program; Establishment; Tourism Promotion Explained; Funding; Use of Appropriation Provided From 21st Century Jobs Trust Fund.

125.2089a Michigan promotion program; establishment; tourism promotion explained; funding; use of appropriation provided from 21st century jobs trust fund.
Sec. 89a.
(1) The board shall establish a Michigan promotion program to promote tourism in Michigan and pay business development and marketing costs to promote business development in Michigan. Tourism promotion shall include, but is not limited to, cultural, vacation, recreational, leisure, hunting-related, motor sports entertainment-related, and agriculture-related travel across this state that includes activities that promote tourism in all 4 seasons.
(2) The funding provided under this chapter for tourism promotion is intended to enhance funding beyond that included in the annual appropriation for travel Michigan to attract additional tourism expenditures and development of the tourism industry in this state.
(3) Not more than 4% of the annual appropriation as provided by law from the 21st century jobs trust fund established in the Michigan trust fund act, 2000 PA 489, MCL 12.251 to 12.260, may be used for the purpose of administering the program authorized under this chapter.
History:
Add. 2008, Act 100, Imd. Eff. Apr. 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) › 270-1984-8B - Chapter 8b (125.2089...125.2089d) › Section 125.2089b - Michigan Promotion Program; Appropriation and Transfer of Funds; Appropriation as Work Project; Carrying Forward Unencumbered or Unallotted Funds; Compliance With MCL 18.1451a.

125.2089b Michigan promotion program; appropriation and transfer of funds; appropriation as work project; carrying forward unencumbered or unallotted funds; compliance with MCL 18.1451a.
Sec. 89b.
(1) For the fiscal year ending September 30, 2008, there is appropriated and transferred from the general fund to the 21st century jobs trust fund $60,000,000.00 and there is appropriated from the 21st century jobs trust fund to the fund $50,000,000.00 for carrying out the purposes of this chapter. Not more than 1/4 of the total amount appropriated from the net proceeds described in section 8(2) of the Michigan tobacco settlement finance authority act, 2005 PA 226, MCL 129.268, shall be used to promote business development in this state.
(2) Upon request from the board, the state treasurer shall transfer appropriated funds from the 21st century jobs trust fund established under section 7(1)(b) of the Michigan trust fund act, 2000 PA 489, MCL 12.257, any other available funds under this act, funds otherwise appropriated for expenditure under this chapter, or as authorized in section 88b(2)(d), in the amounts designated by the board at the time and as necessary to fund disbursements required for the Michigan promotion program.
(3) The appropriation authorized in subsection (1) is a work project appropriation and any unencumbered or unallotted funds are carried forward into the following fiscal year. 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 provide economic benefits and job creation within this state through the promotion of tourism.
(b) The work project will be accomplished through the use of interagency agreements, grants, state employees, and contracts.
(c) The total estimated completion cost of the project is $50,000,000.00.
(d) The expected completion date is December 31, 2010.
History:
Add. 2008, Act 98, Imd. Eff. Apr. 18, 2008 ;-- 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) › 270-1984-8B - Chapter 8b (125.2089...125.2089d) › Section 125.2089c - Selection of Vendors; Request for Proposal; Evaluation of Proposals; Establishment of Standard Process; Appointment of Committee to Review Proposals; Use of Funds; Limitation.

125.2089c Selection of vendors; request for proposal; evaluation of proposals; establishment of standard process; appointment of committee to review proposals; use of funds; limitation.
Sec. 89c.
(1) The fund board shall select vendors for Michigan promotion program expenditures under this chapter exceeding $250,000.00 by issuing a request for proposal. At a minimum, the request for proposal shall require the responding entities to disclose any conflict of interest, disclose any criminal convictions, disclose any investigations by the internal revenue service or any other federal or state taxing body or court, disclose any pertinent litigation regarding the conduct of the entity, and maintain records and evidence pertaining to work performed for at least 5 years. The fund board shall establish a standard process to evaluate proposals submitted as a result of a request for proposal and appoint a committee to review the proposals. Members of any committee or individuals working on behalf of the Michigan strategic fund, paid or unpaid, shall have no conflict of interest as determined by the office of the chief compliance officer established in section 88i. This subsection does not apply to a contract that was in existence on March 25, 2008 or to the extension of a contract in which the right to extend was in existence on or before March 25, 2008.
(2) No funds may be used for any Michigan promotion program effort that includes a reference to or the image or voice of an elected official, appointed state employee, state employee governed by a senior executive service limited term employment agreement, or a candidate for elective office, and that is targeted to a media market in this state.
History:
Add. 2008, Act 98, Imd. Eff. Apr. 18, 2008 ;-- Am. 2014, Act 505, Imd. Eff. Jan. 14, 2015
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) › 270-1984-8B - Chapter 8b (125.2089...125.2089d) › Section 125.2089d - Repealed. 2014, Act 454, Eff. Jan. 14, 2015.

125.2089d Repealed. 2014, Act 454, Eff. Jan. 14, 2015.
Compiler's Notes:
The repealed section pertained to information to be reported to legislature.
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094) › 270-1984-8C - Chapter 8c (125.2090...125.2090d) › Section 125.2090 - Community Revitalization; Findings and Declarations.

125.2090 Community revitalization; findings and declarations.
Sec. 90.
The legislature finds and declares that any activity under this chapter to promote community revitalization will accelerate private investment in areas of historical disinvestment, contribute to Michigan's reinvention as a vital, job-generating state, foster redevelopment of functionally obsolete properties, reduce blight, support the rehabilitation of historic resources, and protect the natural resources of this state and is a public purpose and of paramount concern in the interest of the health, safety, and general welfare of the citizens of this state. It is the intent of the legislature that the economic benefits resulting from this chapter occur substantially within this state.
History:
Add. 2011, Act 252, Imd. Eff. Dec. 13, 2011
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) › 270-1984-8C - Chapter 8c (125.2090...125.2090d) › Section 125.2090c - Community Revitalization Grant; Application; Assignment; Form; Determination; Issuance of Grant Proceeds.

125.2090c Community revitalization grant; application; assignment; form; determination; issuance of grant proceeds.
Sec. 90c.
Upon satisfying a milestone established in a written agreement for which the board has approved a community revitalization grant under section 90b, the applicant may apply to the fund for a grant disbursement as specified in the written agreement. All or a portion of the rights or obligations of the applicant under the written grant agreement may be assigned by the applicant to 1 or more assignees with prior written approval of, and on terms and conditions acceptable to, the fund. The board, or its designee, shall develop and implement the use of an application form and assignment form to be used under this section. Within 90 days of receipt of an application for disbursement, the fund or its designee shall then determine whether the project is in compliance with the terms of the written agreement and, if applicable, after engaging in discussions with the state historic preservation officer, is in compliance, or when completed will be in compliance, with the federal secretary of the interior's standards for rehabilitation and guidelines for rehabilitating historic buildings, 36 CFR 67. If the fund or its designee determines that the project is in compliance with the written agreement and, if applicable, after engaging in discussions with the state historic preservation officer, is in compliance, or when completed will be in compliance, with the federal secretary of the interior's standards for rehabilitation and guidelines for rehabilitating historic buildings, 36 CFR 67, the fund shall issue the grant proceeds to the applicant or, if the grant has been assigned, to the assignee.
History:
Add. 2011, Act 253, Imd. Eff. Dec. 13, 2011 ;-- Am. 2012, Act 395, Imd. Eff. Dec. 19, 2012 ;-- Am. 2014, Act 506, Imd. Eff. Jan. 14, 2015
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) › 270-1984-8C - Chapter 8c (125.2090...125.2090d) › Section 125.2090d - Milestone; Application for Loan Disbursement; Assignment; Distribution; Repayment Provision; Posting Information on Internet Website.

125.2090d Milestone; application for loan disbursement; assignment; distribution; repayment provision; posting information on internet website.
Sec. 90d.
(1) Upon satisfying a milestone established in a written agreement for which the board has approved a community revitalization loan under section 90b, the applicant may apply to the fund for a loan disbursement as specified in the written agreement. All or a portion of the rights or obligations of the applicant under the written loan agreement may be assigned by the applicant to 1 or more assignees with prior written approval of, and on terms and conditions acceptable to, the fund. The board, or its designee, shall develop and implement the use of an application for disbursement form and assignment form to be used under this subsection. Within 90 days of receipt or disbursement of an application for disbursement, the fund or its designee shall determine whether the project is in compliance with the written agreement and, if applicable, after engaging in discussions with the state historic preservation officer, is in compliance, or when completed will be in compliance, with the federal secretary of the interior's standards for rehabilitation and guidelines for rehabilitating historic buildings, 36 CFR 67. If the fund or its designee determines that the project is in compliance with the written agreement and, if applicable, after engaging in discussions with the state historic preservation officer, is in compliance, or when completed will be in compliance, with the federal secretary of the interior's standards for rehabilitation and guidelines for rehabilitating historic buildings, 36 CFR 67, the fund shall distribute the loan proceeds to the applicant or, if the loan proceeds have been assigned, to the assignee.
(2) Each written agreement for a community revitalization loan shall contain a repayment provision.
(3) The proceeds from repayment of community revitalization loans under subsection (2) shall be paid into the investment fund described in section 88h and expended exclusively for community revitalization incentives under this chapter.
(4) Beginning February 1, 2012 and not less than every 3 months thereafter, the fund shall post on its internet website the name and location of a person who received approval of community revitalization investment under this chapter in the immediately preceding 3-month period.
History:
Add. 2011, Act 253, Imd. Eff. Dec. 13, 2011 ;-- Am. 2012, Act 395, Imd. Eff. Dec. 19, 2012 ;-- Am. 2014, Act 506, Imd. Eff. Jan. 14, 2015
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) › 270-1984-8D - Chapter 8d (125.2090g...125.2090j) › Section 125.2090j - Good Jobs for Michigan Fund; Creation; Deposit of Money or Other Assets; Investment; Interest and Earnings; Money Remaining in Fund; Use.

125.2090j Good jobs for Michigan fund; creation; deposit of money or other assets; investment; interest and earnings; money remaining in fund; use.
Sec. 90j.
(1) The good jobs for Michigan fund is created within the state treasury. The state treasurer may receive money or other assets from any source for deposit into the fund. The state treasurer shall direct the investment of the fund. The state treasurer shall credit all amounts deposited pursuant to section 51f of the income tax act of 1967, 1967 PA 281, MCL 206.51f, to the fund and shall credit to the fund any interest and earnings from fund investments. Money in the fund at the close of the fiscal year shall remain in the fund and shall not lapse to the general fund.
(2) The good jobs for Michigan fund may be used only for 1 or more of the following purposes:
(a) To make withholding tax capture revenue payments in accordance with a written agreement to an authorized business within 90 days after receipt of a request for payment and a copy of the withholding certificate issued under section 90i.
(b) To distribute an amount equal to 5% of the withholding tax capture revenue payments certified under section 90i to the Michigan strategic fund to pay for administration expenses.
History:
Add. 2017, Act 109, Eff. Aug. 25, 2017
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) › 270-1984-8E - Chapter 8e (125.2090l...125.2090r) › Section 125.2090n - Rural Jobs and Capital Investment Creation Fund; Creation; Deposit of Money or Other Assets; Investment; Interest and Earnings; Money Remaining in Fund; Use.

125.2090n Rural jobs and capital investment creation fund; creation; deposit of money or other assets; investment; interest and earnings; money remaining in fund; use.
Sec. 90n.
(1) The rural jobs and capital investment creation fund is created within the state treasury.
(2) The state treasurer may receive money or other assets from any source for deposit into the rural jobs and capital investment creation fund. The state treasurer shall direct the investment of the rural jobs and capital investment creation fund. The state treasurer shall credit to the rural jobs and capital investment creation fund interest and earnings from rural jobs and capital investment creation fund investments.
(3) Money in the rural jobs and capital investment creation fund at the close of the fiscal year shall remain in the rural jobs and capital investment creation fund and shall not lapse to the general fund.
(4) The fund shall be the administrator of the rural jobs and capital investment creation fund for auditing purposes.
(5) The fund shall expend money from the rural jobs and capital investment creation fund, upon appropriation, only to make grants, loans, or other types of economic assistance to rural jobs and capital investment funds in this state.
History:
Add. 2018, Act 423, Imd. Eff. Dec. 20, 2018
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) › 270-1984-8E - Chapter 8e (125.2090l...125.2090r) › Section 125.2090p - Annual Report; Compliance.

125.2090p Annual report; compliance.
Sec. 90p.
(1) A rural jobs and capital investment fund shall submit an annual report to the fund on or before the last day of February of each year until the rural jobs and capital investment fund has exited the program in accordance with this chapter. The annual report shall provide documentation as to the rural jobs and capital investment fund's growth investments and include all of the following:
(a) A bank statement evidencing each growth investment.
(b) The name, location, and industry of each qualified business receiving a growth investment, including either the determination letter set forth in section 90o or evidence that the business was a qualified business at the time the growth investment was made.
(c) The number of new full-time equivalent employees and the corresponding earned job factor at the qualified business in this state.
(d) The number of full-time equivalent employees at the qualified business on the date of receipt of the initial growth investment in this state.
(e) Any other information required by the fund.
(2) Within 60 days of receipt of an annual report, the fund shall provide written confirmation to the rural jobs and capital investment fund of the new full-time equivalent employees the rural jobs and capital investment fund has been credited for that year.
(3) By the fifth business day after the third anniversary of the closing date, a rural jobs and capital investment fund shall submit a report to the fund evidencing its compliance with the investment requirements of this chapter.
(4) The fund may adopt rules necessary to implement this chapter.
(5) The fund shall submit an annual report to each house of the legislature on or before April 1, 2020. The annual report shall include all of the following:
(a) The name and number of all the rural jobs and capital investment funds approved to participate in the program.
(b) The amount of investment authority awarded to each rural jobs and capital investment fund.
(c) Any investments made by the rural jobs and capital investment funds, including the location of the investments.
(d) Whether the rural jobs and capital investment funds are in compliance with this chapter.
(e) Any other information required by the fund.
History:
Add. 2018, Act 423, Imd. Eff. Dec. 20, 2018
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) › 270-1984-8E - Chapter 8e (125.2090l...125.2090r) › Section 125.2090q - Annual Fee.

125.2090q Annual fee.
Sec. 90q.
(1) The fund shall charge an annual fee of 0.5% of the investment authority authorized for that rural jobs and capital investment fund.
(2) The initial annual fee is due and payable to the fund within 1 business day of receipt of a grant, loan, or other type of economic assistance. After the initial annual fee, an annual fee is due and payable to the fund on or before that last day of February of each year.
(3) An annual fee is not required once a rural jobs and capital investment fund has exited the program in accordance with this chapter.
History:
Add. 2018, Act 423, Imd. Eff. Dec. 20, 2018
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) › 270-1984-8E - Chapter 8e (125.2090l...125.2090r) › Section 125.2090r - Withdrawal From Rural Jobs and Capital Investment Program.

125.2090r Withdrawal from rural jobs and capital investment program.
Sec. 90r.
(1) On or after the sixth anniversary of the closing date, a rural jobs and capital investment fund may exit the program and no longer be subject to the provisions of this chapter. The fund shall respond to the application within 30 days of receipt and include a calculation of any repayment amount due.
(2) No distributions other than those permitted by section 90o(1)(b) may be made with respect to the equity interests of the rural jobs and capital investment fund more than the sum of the amount of equity capital invested into the rural jobs and capital investment fund with respect to the equity interests and an amount equal to any projected increase in the federal or state tax liability of holders of those interests related to the ownership of the rural jobs and capital investment fund until the rural jobs and capital investment fund has made payments to the fund equal to the repayment amount.
History:
Add. 2018, Act 423, Imd. Eff. Dec. 20, 2018
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) › 270-1984-9 - Chapter 9 (125.2091...125.2094) › Section 125.2091 - Liberal Construction; Broad Interpretation.

125.2091 Liberal construction; broad interpretation.
Sec. 91.
This act shall be construed liberally to effectuate the legislative intent and the purpose of the act as complete and independent authority for the performance of each and every act and thing authorized in the act and all powers granted in the act shall be broadly interpreted to effectuate such intent and purposes and not as to limitation of powers.
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) › 270-1984-9 - Chapter 9 (125.2091...125.2094) › Section 125.2092 - Repeal of MCL 125.1701 to 125.1770 and MCL 125.1901 to 125.1934.

125.2092 Repeal of MCL 125.1701 to 125.1770 and MCL 125.1901 to 125.1934.
Sec. 92.
The following acts and parts of acts are repealed:
(a) Effective upon the expiration of 180 days after the effective date of this act, Act No. 301 of the Public Acts of 1975, being sections 125.1701 to 125.1770 of the Michigan Compiled Laws.
(b) Effective upon the expiration of 180 days after the effective date of this act, Act No. 70 of the Public Acts of 1982, being sections 125.1901 to 125.1934 of the Michigan Compiled Laws.
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) › 270-1984-9 - Chapter 9 (125.2091...125.2094) › Section 125.2093 - Severability.

125.2093 Severability.
Sec. 93.
If any section, subsection, paragraph, clause, or provision of this act shall be adjudged unconstitutional or ineffective, no other section, subsection, paragraph, clause, or provision of this act shall on account thereof be deemed invalid or ineffective and the inapplicability or invalidity of any section, subsection, paragraph, clause, or provision of this act in any 1 or more instances or under any 1 or more circumstances shall not be taken to affect or prejudice in any way its applicability or validity in any other instance or under any other circumstance.
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) › 270-1984-9 - Chapter 9 (125.2091...125.2094) › Section 125.2094 - Duties of Governor.

125.2094 Duties of governor.
Sec. 94.
(1) The governor shall inquire into the administration of this act.
(2) The governor may remove or suspend any appointive public officer for violations of this act. The governor may request the MEDC to remove or suspend any MEDC corporate employee for violations of this act.
(3) The governor may remove or suspend any elective public officer for violation of this act that constitutes gross neglect of duty, corrupt conduct in office, misfeasance, or malfeasance.
(4) This section does not apply to any public officer of the legislative branch or the judicial branch of state government.
(5) The governor shall report the reasons for any removal or suspension under this section to the clerk of the house of representatives and the secretary of the senate.
History:
Add. 2005, Act 225, Imd. Eff. Nov. 21, 2005
Popular Name:
Strategic Fund
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 224 of 1985 - Enterprise Zone Act (125.2101 - 125.2123) › Section 125.2101 - Short Title.

125.2101 Short title.
Sec. 1.
This act shall be known and may be cited as the "enterprise zone act".
History:
1985, Act 224, Imd. Eff. Jan. 13, 1986
Compiler's Notes:
For transfer of powers and duties of Michigan enterprise authority to the chief executive officer of Michigan jobs commission, see E.R.O. No. 1994-8, compiled at MCL 408.47 of the Michigan Compiled Laws.
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 224 of 1985 - Enterprise Zone Act (125.2101 - 125.2123) › Section 125.2102 - Legislative Findings.

125.2102 Legislative findings.
Sec. 2.
(1) The legislature finds that it is in the public interest to promote economic growth and to encourage private investment, job creation, and job upgrading for residents in local governmental units that are economically distressed.
(2) The legislature further finds that the present and future health, safety, right to gainful employment, business opportunities, and general welfare of the people of this state require, as a public purpose, that enterprise zones be created to encourage businesses to locate and expand in areas characterized by high unemployment, low income, high property tax rates, and blighted, obsolete, and underutilized residential, commercial, and industrial property.
History:
1985, Act 224, Imd. Eff. Jan. 13, 1986
Compiler's Notes:
For transfer of powers and duties of Michigan enterprise authority to the chief executive officer of Michigan jobs commission, see E.R.O. No. 1994-8, compiled at MCL 408.47 of the Michigan Compiled Laws.
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 224 of 1985 - Enterprise Zone Act (125.2101 - 125.2123) › Section 125.2104 - Michigan Enterprise Zone Authority; Creation; Powers, Duties, and Functions; Staff; Appointment, Qualifications, and Terms of Members; Vacancy; Designees; Reimbursement of Expenses.

125.2104 Michigan enterprise zone authority; creation; powers, duties, and functions; staff; appointment, qualifications, and terms of members; vacancy; designees; reimbursement of expenses.
Sec. 4.
(1) The Michigan enterprise zone authority is created within the department of commerce. The authority shall exercise its powers, duties, and functions independently of the director of commerce as head of department of commerce. However, the department of commerce shall provide staff for the authority and shall carry out the administrative duties and functions as directed by the authority. The budgeting, procurement, and related functions of the authority shall be under the supervision of the director of commerce.
(2) The authority consists of the following 7 members:
(a) The director of the department of commerce, or the director's designee, as chairperson of the authority.
(b) The state treasurer or the treasurer's designee.
(c) Five other members appointed by the governor who have knowledge, skill, and experience in the academic, business, local government, labor, or financial fields.
(3) A member shall be appointed for a term of 4 years, except that of the members first appointed by the governor, 2 shall be appointed for a term of 2 years and 3 for a term of 4 years from the dates of their appointments. A vacancy shall be filled for the balance of the unexpired term in the same manner as an original appointment.
(4) The director of the department of commerce and the state treasurer each may appoint a designee to serve as a member of the authority in his or her absence. Except as otherwise provided by law, a member of the authority shall not receive compensation for services, but the authority may reimburse each member for expenses necessarily incurred in the performance of his or her duties.
History:
1985, Act 224, Imd. Eff. Jan. 13, 1986 ;-- Am. 1994, Act 311, Imd. Eff. July 20, 1994
Compiler's Notes:
For transfer of powers and duties of Michigan enterprise authority to the chief executive officer of Michigan jobs commission, see E.R.O. No. 1994-8, compiled at MCL 408.47 of the Michigan Compiled Laws.
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 224 of 1985 - Enterprise Zone Act (125.2101 - 125.2123) › Section 125.2105 - Powers of Authority Vested in Members; Quorum; Action by Authority; Meetings.

125.2105 Powers of authority vested in members; quorum; action by authority; meetings.
Sec. 5.
(1) The powers of the authority shall be vested in the members in office. Regardless of the existence of a vacancy, a majority of the members of the authority constitutes a quorum necessary for the transaction of business at a meeting or the exercise of a power or function of the authority. Action may be taken by the authority at a meeting upon a vote of the majority of the members present.
(2) The authority shall meet at the call of the chairperson or as may be provided in the bylaws of the authority. Meetings of the authority may be held anywhere within the state.
History:
1985, Act 224, Imd. Eff. Jan. 13, 1986
Compiler's Notes:
For transfer of powers and duties of Michigan enterprise authority to the chief executive officer of Michigan jobs commission, see E.R.O. No. 1994-8, compiled at MCL 408.47 of the Michigan Compiled Laws.
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 224 of 1985 - Enterprise Zone Act (125.2101 - 125.2123) › Section 125.2106 - Powers and Duties of Authority Generally.

125.2106 Powers and duties of authority generally.
Sec. 6.
In addition to other powers and duties provided in this act, the authority shall administer this act and has all of the following powers and duties:
(a) To conduct a continuing evaluation program on enterprise zones.
(b) To promulgate rules pursuant to the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections 24.201 to 24.328 of the Michigan Compiled Laws, necessary to carry out the purposes of this act.
(c) To assist a qualified business in obtaining the benefits of an incentive or inducement program provided by law and the benefits of this act.
(d) To assist the citizens' council of an enterprise zone in obtaining assistance from any other agency of state government, including assistance in providing training and technical assistance to qualified businesses within an enterprise zone.
(e) To modify the boundaries of an enterprise zone if both of the following requirements are met:
(i) The property is within the corporate limits of the local governmental unit in which the enterprise zone is located. If the property is transferred to the local governmental unit in which the enterprise zone is located pursuant to a contract under Act No. 425 of the Public Acts of 1984, being sections 124.21 to 124.30 of the Michigan Compiled Laws, the transfer shall be from a local governmental unit for a period of 30 years or more, and the revenue received by the transferring local governmental unit under the contract shall be not more than that local governmental unit would have received based upon its millage rate.
(ii) The procedures described in sections 11 through 13 are followed.
History:
1985, Act 224, Imd. Eff. Jan. 13, 1986 ;-- Am. 1987, Act 15, Imd. Eff. Apr. 14, 1987 ;-- Am. 1994, Act 311, Imd. Eff. July 20, 1994
Compiler's Notes:
For transfer of powers and duties of Michigan enterprise authority to the chief executive officer of Michigan jobs commission, see E.R.O. No. 1994-8, compiled at MCL 408.47 of the Michigan Compiled Laws.
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 224 of 1985 - Enterprise Zone Act (125.2101 - 125.2123) › Section 125.2107 - Analysis of Economic Impacts of Enterprise Zones; Presentation to Legislative Committees; Development and Implementation of Recommendations.

125.2107 Analysis of economic impacts of enterprise zones; presentation to legislative committees; development and implementation of recommendations.
Sec. 7.
(1) Beginning October 1, 1996 and every 3 years after that date, the authority shall present an analysis of the economic impacts of each enterprise zone. This analysis shall be presented to the standing committees of the legislature concerned with economic development, local governmental units, and taxation for their consideration of enterprise zone feasibility.
(2) The department of treasury and a local governmental unit in which an enterprise zone was approved before 1994 shall jointly develop recommendations for the fiscal management of the local governmental unit, and the local governmental unit shall implement those recommendations.
History:
1985, Act 224, Imd. Eff. Jan. 13, 1986 ;-- Am. 1994, Act 311, Imd. Eff. July 20, 1994
2023 Michigan Compiled Laws › Chapter 125 - Planning, Housing, and Zoning › Act 224 of 1985 - Enterprise Zone Act (125.2101 - 125.2123) › Section 125.2108 - Qualifying Local Governmental Units.

125.2108 Qualifying local governmental units.
Sec. 8.
The authority shall determine which local governmental units qualify to apply to have enterprise zones approved within their boundaries. For an enterprise zone approved after 1993, a qualifying local governmental unit shall be a local governmental unit that has been designated an empowerment zone, rural enterprise community, or enterprise community by the United States department of housing and urban development or the United States department of agriculture.
History:
1985, Act 224, Imd. Eff. Jan. 13, 1986 ;-- Am. 1994, Act 311, Imd. Eff. July 20, 1994