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Michigan Compiled Laws — TRANSPORTATION ECONOMIC DEVELOPMENT FUND (Act 231 of 1987)

Michigan · statute · 231 of 1987, Mich. Comp. Laws · 12 active provisions

12 active provisions.

Mich. Comp. Laws § 247.902

Transportation economic development fund and office of economic development; establishment; purposes; sources of revenue.

(1) The transportation economic development fund is established and shall be set up and maintained in the state treasury as a separate fund for the purposes of enhancing this state's ability to compete in an international economy, serving as a catalyst for the economic growth of this state, and to improve the quality o…

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Mich. Comp. Laws § 247.903

Allocation of funds for projects; notice; hearings; funding projects under MCL 247.907(3) and 247.909(1)(a); coordination of projects; department as contracting agent; assistance to commission; appropriation for administration of fund; duties of commission and office of economic development.

(1) Money from the fund shall be allocated for projects to be funded under section 11(3)(a) in accordance with the adopted policies of the commission. No funds shall be committed to any project, nor shall any project be authorized for any funds under this act, until the commission notifies the senate committee on trans…

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Mich. Comp. Laws § 247.908

Initial review of application; criteria; recommendation; consultation; informing appropriations committees; hearings as condition to committing funds.

(1) Each application shall be submitted for initial review to the administrator who may call upon other personnel of the department to assist in processing, reviewing, and evaluating project applications. (2) The office of economic development shall review each application based on the criteria approved by the commissi…

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Mich. Comp. Laws § 247.911

Bonds; issuance; purpose; appropriation of fund revenue; percentages; distribution to certain targeted industries.

(1) Bonds may be issued as authorized by the commission for the purpose of funding projects under this act in the manner provided in sections 18b and 18k of 1951 PA 51, MCL 247.668b and 247.668k, and in accordance with the adopted policies of the commission. Bonds must not be committed for any project under this act un…

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Mich. Comp. Laws § 247.912

Selection and designation of projects by urban task force; failure to submit qualified projects; proposing project result evaluation criteria; annual report; administration of projects.

(1) The urban task force that represents the majority of the communities in the urban area of each county shall select and designate for eligibility projects for funding under section 11(3)(b) within their respective allocations. One nonvoting member of each task force shall be a designee of and represent the administr…

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Mich. Comp. Laws § 247.912a

Recommendations of regional rural task force for funding projects; failure to submit qualified projects; composition of task force; basis for funding projects; administration of programs and projects.

(1) The regional rural task force shall make recommendations to the commission and the administrator for funding projects under section 11(3)(c) within their respective regions. If any represented county fails to submit sufficient qualified projects to obligate its allocation after 3 consecutive years, those funds shal…

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