MCL - Index of Act 270 of 1984
NOTE: Dates reflect any modification to item, not necessarily a change in law.
Title | Subject |
---|---|
Act 270 of 1984 |
MICHIGAN STRATEGIC FUND ACT (125.2001 - 125.2094) ***** 125.2009.amended THIS AMENDED SECTION IS EFFECTIVE 91 DAYS AFTER ADJOURNMENT OF THE 2024 REGULAR SESSION SINE DIE ***** ***** 125.2009 THIS SECTION IS AMENDED EFFECTIVE 91 DAYS AFTER ADJOURNMENT OF THE 2024 REGULAR SESSION SINE DIE: See 125.2009.amended ***** |
270-1984-1 | CHAPTER 1 (125.2001...125.2014) |
Section 125.2001 | Legislative finding and declaration. |
Section 125.2002 | Purposes of act. |
Section 125.2003 | Short title. |
Section 125.2004 | Definitions. |
Section 125.2005 | Michigan strategic fund; creation; purposes, powers, duties, and functions generally; appointment, qualifications, and terms of members; chairperson, president, and vice-president; compensation and expenses; delegation of functions and authority; quorum; voting; meetings; conducting business at public meeting; notice; confidentiality; closed sessions; "financial or proprietary information" defined. |
Section 125.2006 | Members, officers, and employees subject to MCL 15.321 to 15.330 or MCL 15.301 to 15.310; discharge of duties by member, officer, employee, or agent; prohibited conduct; conflict of interest; noncompliance; expenditures. |
Section 125.2007 | Powers and duties of fund. |
Section 125.2007a | Compliance with divestment from terror act. |
Section 125.2007b | Advisory committee; projects relating to port facilities; recommendations. |
Section 125.2008 | Evaluation procedures; priorities; targets. |
Section 125.2009 | Activities report; contents; audit; providing and posting information regarding actions under chapter 8C; posting loan or grant documentation and information regarding programs providing financial assistance; "financial assistance" defined. |
Section 125.2009.amended | Activities report; contents; audit; providing and posting information regarding actions under chapter 8C; posting loan or grant documentation and information regarding programs providing financial assistance; "financial assistance" defined. |
Section 125.2010 | Applicability of limitation or restriction. |
Section 125.2011 | Request for assistance; approval or disapproval; reconsideration. |
Section 125.2012 | Private sector financial support; associated transactions. |
Section 125.2012a | Loan, loan insurance, or guarantee for public work; requirements. |
Section 125.2013 | Total debt owed to fund; limitation. |
Section 125.2014 | Loans and transactions. |
270-1984-2 | CHAPTER 2 (125.2021...125.2026) |
Section 125.2021 | Job development authority and Michigan economic development authority; acquisitions and succession by fund to rights, properties, obligations, and duties thereof. |
Section 125.2022 | Economic development fund; succession by fund to ownership and operation thereof; payments pursuant to heritage trust act of 1982; appropriation; utilization and expenditure of money; priorities; transfer and repayments of money; utilization of proceeds from bonds or notes. |
Section 125.2023 | Bonds or notes. |
Section 125.2024 | Contracts for management and operation of fund. |
Section 125.2025 | Actions by fund; equal opportunity criteria; considerations when entering transaction. |
Section 125.2026 | Staff and other support; cooperation of state agencies. |
270-1984-2A | CHAPTER 2A (125.2029...125.2029h) |
Section 125.2029 | Definitions. |
Section 125.2029a | Michigan film office; creation in fund; successor office; duties; powers; budget, procurement, and management functions; administration by commissioner and president of fund; support staff; cooperation with departments, agencies, boards, commissions, and officers. |
Section 125.2029b | Michigan film commissioner; member of state classified service; terms and conditions of employment; agreement; term; oath of office; service as advisor; duties; meetings; exercise of powers, duties, functions, and responsibilities; rules. |
Section 125.2029c | Michigan film office advisory council; creation; membership; chairperson, vice-chairperson, and officers; terms; vacancy; compensation; duties; public meeting; quorum; writings; confidentiality; use of information for personal gain prohibited; adoption of code of ethics. |
Section 125.2029d | Michigan film promotion fund; creation within state treasury; receipt of money or other assets; investment; money remaining in fund at close of fiscal year; expenditure; transfer and deposit of funds. |
Section 125.2029e | Michigan economic development corporation; joint exercise of power. |
Section 125.2029f | Representation as employee or agent of office, commissioner, or council; authorization required; violation as misdemeanor; penalty. |
Section 125.2029g | Transfer of records, personnel, property, grants, and unexpended balances. |
Section 125.2029h | Film and digital media production assistance program; funding prohibited; applications; priority; provisions; submission of application; form; fee; agreement; determination; factors; award; fraudulent or false information; penalty; disclosure of information, records, or other data; performance dashboard; limitation for above the line personnel; hiring Michigan residents; waiver of Michigan resident hiring requirements; findings and declaration of legislature; limitation on use of annual appropriation; certification of certain information by commissioner; reversion of money to general fund; definitions. |
270-1984-3 | CHAPTER 3 (125.2031...125.2037) |
Section 125.2031 | Center for assistance to private enterprise; establishment and operation. |
Section 125.2032 | Private enterprise assistance account; payments into account; transfer of money. |
Section 125.2033 | Loans, limitations. |
Section 125.2034 | Loans, grants, or investments; limitations; condition. |
Section 125.2035 | Loans; use; recipients; terms and conditions. |
Section 125.2036 | Loan for economic development project; legal assurance as to use of money. |
Section 125.2037 | Paramount priority in making loans. |
270-1984-3A | CHAPTER 3A (125.2038...125.2039) |
Section 125.2038 | Legislative findings and declaration; intent. |
Section 125.2039 | Michigan promotion fund; creation; administration; use; credit of amounts; investment; disbursement; borrowing money and issuing notes; appropriation. |
270-1984-4 | CHAPTER 4 (125.2041...125.2049a) |
Section 125.2041 | "Public work" defined. |
Section 125.2042 | Center for assistance to local government; establishment and operation. |
Section 125.2043 | Local government assistance account; payments into account; transfer of money. |
Section 125.2044 | Utilization of money; purposes. |
Section 125.2045 | Loans, loan insurance, or guarantees; requirements. |
Section 125.2046 | Loans, loan insurance, or guarantees; limitation; lawful public improvement; prohibition; application. |
Section 125.2047 | Borrowing or contracting for loan insurance and loan guarantees; debt limitation; approval; certain acts inapplicable. |
Section 125.2048 | Loans, loan insurance, or loan guarantees; terms and conditions. |
Section 125.2049 | Loans, loan insurance, or loan guarantees; conditions. |
Section 125.2049a | Paramount priority. |
270-1984-5 | CHAPTER 5 (125.2051...125.2058) |
Section 125.2051 | Center for loan insurance; establishment and operation. |
Section 125.2052 | Loan insurance account; payments into accounts; transfer of money. |
Section 125.2053 | Powers of fund through center for loan insurance. |
Section 125.2054 | Contract of insurance. |
Section 125.2055 | Insurance, guarantees, or letters of credit; limitation; paramount priority. |
Section 125.2056 | Insurance, guarantees, or letters of credit; legal assurance of use; terms and conditions; premiums or fees; guidelines. |
Section 125.2057 | Agreements with lenders. |
Section 125.2058 | Special fund; purpose. |
270-1984-6 | CHAPTER 6 (125.2061...125.2069a) |
Section 125.2061 | Definitions. |
Section 125.2062 | Center for minority venture capital; establishment and operation. |
Section 125.2063 | Certification of minority venture capital company and MESBIC; purpose; construction of certification; statement in documents; forwarding certification applications; qualifications for initial certification; compliance. |
Section 125.2064 | Considerations prior to certification. |
Section 125.2065 | Percentage of venture capital investments; encouraging certified MESBIC to meet investment requirements; “investment” defined. |
Section 125.2066 | Minority venture capital company as certified MESBIC. |
Section 125.2067 | Independent program audit. |
Section 125.2068 | Effective date and duration of certification; eligibility as recipient of investments; approval and effect of tax credit disqualification. |
Section 125.2069 | Revocation of certification; notice; remedying deficiencies and complying with requirements; determination. |
Section 125.2069a | Tax credit certification; information; report. |
270-1984-7 | CHAPTER 7 (125.2071...125.2079) |
Section 125.2071 | Definitions. |
Section 125.2072 | Center for research and development; establishment and operation. |
Section 125.2073 | Research center fund; payments into fund; transfer of money. |
Section 125.2074 | Research center fund; use of money; purpose; obligations of present or emerging technologies; purposes of financial aid; terms and conditions of financial aid; minimum financial aid grant; payment; tax exemption. |
Section 125.2075 | Business plan. |
Section 125.2076 | Scope of succession to rights, properties, obligations, and duties of Michigan economic development authority; payments in research center fund. |
Section 125.2077 | Higher education coordination council; membership. |
Section 125.2078 | Service station matching grant program. |
Section 125.2079 | Location of renewable fuel plants; inventory of prime sites; availability on internet; assistance. |
270-1984-8 | CHAPTER 8 (125.2081...125.2087) |
Section 125.2081 | “Economic development fund” defined. |
Section 125.2082 | Center for product development; establishment and operation. |
Section 125.2083 | Product development program account; payments into account; transfer or deposit of money. |
Section 125.2084 | Product development program account; utilization of money; purpose; terms and conditions of financial aid; condition to financial aid. |
Section 125.2085 | Recipients of financial aid. |
Section 125.2086 | Amount of financial aid and terms of venture agreement; evaluation and examination. |
Section 125.2086a | Financial aid to nonprofit corporation; powers and duties of corporation; fund as party to venture agreement; provisions of venture agreement. |
Section 125.2087 | Advisory panel; purpose; membership; report; recommendation. |
270-1984-8A | CHAPTER 8A (125.2088...125.2088u.added) |
Section 125.2088 | Legislative findings; intent; scope of activities. |
Section 125.2088a | Definitions. |
Section 125.2088b | Programs created and operated by fund board; expenditures or investments; use of appropriated or transferred money; fees; restriction; selection of vendors; expenditure of funds without further appropriation. |
Section 125.2088b.amended | Programs created and operated by fund; expenditures or investments; use of appropriated or transferred money; fees; restriction; selection of vendors; expenditure of funds without further appropriation. |
Section 125.2088c | Duties of fund board; definitions. |
Section 125.2088d | Loan enhancement program; loan guarantee program; small business capital access program; Michigan film and digital media investment loan program; choose Michigan film and digital media loan fund; choose Michigan fund program; Michigan micro loan program; definitions. |
Section 125.2088e | Private equity investment program. |
Section 125.2088f | Venture capital investment program. |
Section 125.2088f.amended | Venture capital investment program. |
Section 125.2088g | Mezzanine investment program. |
Section 125.2088h | Investment fund; creation; duties of fund board. |
Section 125.2088h.amended | Jobs for Michigan investment fund; creation; duties of fund board. |
Section 125.2088i | Office of chief compliance officer. |
Section 125.2088j | Disbursements. |
Section 125.2088k | Strategic economic investment and commercialization board; creation; powers, duties, and authority; award of grants and loans; duties of fund; standards for expenditures of money; reasons for selection of grant recipient. |
Section 125.2088<Emph EmphType="italic">l</Emph> | Commercialization board; membership; appointment; terms; vacancy; chairperson, vice-chairperson, and secretary; oath of office; compensation; reimbursement for expenses; organization; quorum; business conducted at public meetings. |
Section 125.2088m | Member, employee, or agent of commercialization board; conduct. |
Section 125.2088n | Access to books and records by auditor general; separate audit; requirement that recipient provide information necessary for production of reports. |
Section 125.2088o | Technology transfer acceleration program. |
Section 125.2088p | Michigan life sciences pipeline; establishment; purpose; commencement of operations; awards; selection of pipeline operator; request for proposals; contract; duration; report; "pipeline" defined. |
Section 125.2088q | Center of innovation program; definitions. |
Section 125.2088r | Michigan business development program; posting certain information on website; finding and declaration of public purpose; definitions. |
Section 125.2088s | Critical industry program. |
Section 125.2088t | Michigan strategic site readiness program. |
Section 125.2088u.added | Michigan innovation fund program. |
270-1984-8B | CHAPTER 8B (125.2089...125.2089d) |
Section 125.2089 | Legislative findings; intent; scope of activities. |
Section 125.2089a | Michigan promotion program; establishment; tourism promotion explained; funding; use of appropriation provided from 21st century jobs trust fund. |
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. |
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. |
Section 125.2089d | Repealed. 2014, Act 454, Eff. Jan. 14, 2015. |
270-1984-8C | CHAPTER 8C (125.2090...125.2090d) |
270-1984-8D | CHAPTER 8D (125.2090g...125.2090j) |
270-1984-8E | CHAPTER 8E (125.2090l...125.2090r) |
Section 125.2090 | Community revitalization; findings and declarations. |
Section 125.2090a | Definitions. |
Section 125.2090b | Michigan community revitalization program; community revitalization incentives; placement of funds in 21st century jobs trust fund; application; criteria; approval or denial; limitation on amount of loans, grants, and other economic assistance; written agreement; use of annual appropriation from 21st century jobs trust fund; fees; community revitalization incentives for neighborhood and commercial corridor food initiatives; findings and declaration. |
Section 125.2090c | Community revitalization grant; application; assignment; form; determination; issuance of grant proceeds. |
Section 125.2090d | Milestone; application for loan disbursement; assignment; distribution; repayment provision; posting information on internet website. |
Section 125.2090g | Definitions. |
Section 125.2090h | Good jobs for Michigan program; creation and operation by fund; transfer of dedicated portion of withholding tax capture revenues to businesses; application; requirements; determination of amount and duration; limitation; factors; written agreement; contents; execution; maximum amount of total withholding tax capture revenue; limitation on number of written agreements. |
Section 125.2090i | Withholdings certificate; issuance; contents; request for payment; failure of authorized business to satisfy and maintain jobs and other conditions; forfeiture of payment; assignment or transfer of written agreement; retention of amount to pay for administrative expenses; identification of authorized business and disclosure of amount an duration of payments; publication of information on website. |
Section 125.2090j | Good jobs for Michigan fund; creation; deposit of money or other assets; investment; interest and earnings; money remaining in fund; use. |
Section 125.2090<Emph EmphType="italic">l</Emph> | Definitions. |
Section 125.2090m | Rural jobs and capital investment fund; application; qualifications; duties. |
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. |
Section 125.2090o | Demand for repayment; conditions; growth investments; notification. |
Section 125.2090p | Annual report; compliance. |
Section 125.2090q | Annual fee. |
Section 125.2090r | Withdrawal from rural jobs and capital investment program. |
270-1984-9 | CHAPTER 9 (125.2091...125.2094) |
Section 125.2091 | Liberal construction; broad interpretation. |
Section 125.2092 | Repeal of MCL 125.1701 to 125.1770 and MCL 125.1901 to 125.1934. |
Section 125.2093 | Severability. |
Section 125.2094 | Duties of governor. |