Michigan · statute · 270 of 1984, Mich. Comp. Laws · 131 active provisions
The legislature hereby finds and declares the following problems and objectives: (a) The economy of the state of Michigan is at present recovering from a recession and action is needed to encourage increased employment and business expansion in this state. (b) The economy of the state of Michigan is undergoing a long-t…
It is hereby declared to be the purposes of this act and of the Michigan strategic fund created by this act to help diversify the economy of this state, to promote economic stability and growth, to develop and expand existing and alternative sources of energy and the conservation of energy, to assist business enterpris…
This act shall be known and may be cited as the "Michigan strategic fund act".
As used in this act: (a) "Board" means the board of directors of the Michigan strategic fund, except where the context clearly requires a different definition. (b) "Economic development project" means an endeavor related to industrial, commercial, or agricultural enterprise. Economic development project includes, but i…
(1) There is created by this act a public body corporate and politic to be known as the Michigan strategic fund. The fund is within the department of labor and economic opportunity and shall exercise its prescribed statutory powers, duties, and functions independently of the director of the department of labor and econ…
(1) Notwithstanding section 3(1) of 1968 PA 317, MCL 15.323, members of the board and officers and employees of the fund are subject to 1968 PA 317, MCL 15.321 to 15.330, or 1968 PA 318, MCL 15.301 to 15.310, as applicable. (2) A member of the board or officer, employee, or agent of the fund shall discharge the duties…
The fund shall have the powers and duties provided in this act, the powers delegated by other laws or executive orders, including, but not limited to, the power to do 1 or more of the following: (a) Sue and be sued; to have a seal and alter the seal at pleasure; to have perpetual succession; to make, execute, and deliv…
The board shall comply with the divestment from terror act, 2008 PA 234, MCL 129.291 to 129.301, in making investments under this act.
(1) The governor shall establish and appoint an advisory committee to make recommendations to the board regarding projects relating to port facilities. (2) The advisory board described in subsection (1) shall contain 9 members appointed by the governor as follows: (a) Five members representing the interests of the foll…
(1) The fund shall develop procedures to evaluate types of business and industry and to set priorities as to which types of business and industry are most likely to provide significant opportunities for jobs and economic development in this state, consistent with the purposes of this act and of the fund. This evaluatio…
(1) The fund shall transmit to each member of the legislature, the governor, the clerk of the house of representatives, the secretary of the senate, and the senate and house fiscal agencies annually a report of its activities. The report must be transmitted not later than April 10 of each year for activities in the imm…
If the exercise of a power granted to the fund under this act is expressly limited or restricted under a particular chapter of this act, the limitation or restriction applies only when the fund is acting under that chapter.
Within 90 days after assistance for a project is requested from the fund by the filing of a written application with the board, the board shall approve or disapprove the request for assistance. Upon written request by an applicant, the board may reconsider its denial of an application for assistance under this section…
(1) Significant private sector financial support shall be associated with all of the following transactions of the fund or any of its concerns: (a) A product or an economic development project for which an applicant is being provided assistance from the fund or any of its centers. (b) An economic development project in…
The fund shall not provide a loan, loan insurance, or guarantee for a public work which assists a project or exercise any of its power in relation to a project if completion of the project will cause the transfer of employment of more than 20 full-time persons from 1 or more municipalities of the state to the municipal…
The total debt owed to the fund, excluding rights and royalties under a venture capital agreement or obligations to the fund resulting from an industrial development revenue bond or note, in relation to any 1 project shall at no time exceed 5% of the total assets of the fund, except that upon approval by a 2/3 vote of…
A loan made by the fund pursuant to this act or through any of its centers shall not be considered a loan proscribed by section 11 of Act No. 472 of the Public Acts of 1978, being section 4.421 of the Michigan Compiled Laws. In addition, any transaction of the fund pursuant to this act or through any of its centers sha…
Upon the expiration of 180 days after the effective date of this act, the fund shall acquire and succeed to all of the rights, properties, obligations, and duties of the job development authority under the provisions of Act No. 301 of the Public Acts of 1975, being sections 125.1701 to 125.1770 of the Michigan Compiled…
(1) Upon the expiration of 180 days after the effective date of this act, the fund shall succeed to the ownership and operation of the economic development fund created by Act No. 70 of the Public Acts of 1982, being sections 125.1901 to 125.1934 of the Michigan Compiled Laws. Payments into the economic development fun…
(1) The fund may borrow money and issue bonds or notes for the following purposes: (a) To provide sufficient funds for achieving the fund's purposes and objectives including, but not limited to, amounts necessary to pay the costs of acquiring a project or part of a project; to make loans for the costs of a project or p…
The fund, in its discretion, may contract with others, public or private, for the provision of all or a portion of the services necessary for the management and operation of the fund.
All actions taken by the fund shall be necessary or convenient to achieve the purposes and objectives of this act or of the fund. The fund shall establish criteria to assure equal opportunity to women, minorities, and small businesses. When deciding whether to enter into a transaction, the fund shall consider whether:…
(1) If requested by the fund, the department of commerce shall provide staff and other support to the Michigan strategic fund sufficient to carry out its duties, powers, and responsibilities. (2) All departments and agencies of state government shall provide full cooperation to the fund in the performance of its duties…
As used in this chapter: (a) "Commissioner" means the Michigan film commissioner created in section 29b. (b) "Council" means the Michigan film office advisory council created in section 29c. (c) "Local film office" means an office, agency, bureau, or department of a political subdivision of this state that seeks to pro…
(1) The Michigan film office is created in the fund. The office shall be the successor to any authority, powers, duties, functions, or responsibilities of the Michigan film office under former section 21 of the history, arts, and libraries act, 2001 PA 63. (2) The office may do all of the following: (a) Promote and mar…