An act to amend 1984 PA 270, entitled “An act relating to the economic development of this state; to create the Michigan strategic fund and to prescribe its powers and duties; to transfer and provide for the acquisition and succession to the rights, properties, obligations, and duties of the job development authority and the Michigan economic development authority to the Michigan strategic fund; to provide for the expenditure of proceeds in certain funds to which the Michigan strategic fund succeeds in ownership; to provide for the issuance of, and terms and conditions for, certain notes and bonds of the Michigan strategic fund; to create certain boards and funds; to create certain permanent funds; to exempt the property, income, and operation of the fund and its bonds and notes, and the interest thereon, from certain taxes; to provide for the creation of certain centers within and for the purposes of the Michigan strategic fund; to provide for the creation and funding of certain accounts for certain purposes; to impose certain powers and duties upon certain officials, departments, and authorities of this state; to make certain loans, grants, and investments; to provide penalties; to make an appropriation; and to repeal acts and parts of acts,” by amending section 9 (MCL 125.2009), as amended by 2021 PA 136.
Requires the Michigan Strategic Fund to submit a detailed report by April 10 each year, covering the preceding fiscal year's activities. This report must include a list of entities receiving financial assistance, the type and amount of assistance, job creation and retention statistics, average salaries, the duration of assistance, and the status of loans and bankruptcies.
Co-sponsored by Reps.
Referred to the Committee on Economic Development and Small Business
Reported without amendment
Substitute H-1 offered
by
The substitute passed by voice vote
Passed in the House 77 to 33 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
Referred to the Committee of the Whole
Reported without amendment
Passed in the Senate 23 to 12 (details)
