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.