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Bill > HB4219
MI HB4219
MI HB4219Economic development: Michigan strategic fund; membership on the Michigan strategic fund board; modify. Amends sec. 5 of 1984 PA 270 (MCL 125.2005).
summary
Introduced
03/08/2023
03/08/2023
In Committee
03/23/2023
03/23/2023
Crossed Over
03/16/2023
03/16/2023
Passed
04/19/2023
04/19/2023
Dead
Signed/Enacted/Adopted
04/26/2023
04/26/2023
Introduced Session
102nd Legislature
Bill Summary
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 5 (MCL 125.2005), as amended by 2014 PA 507.
AI Summary
This bill modifies the membership of the Michigan Strategic Fund (MSF) Board, which is responsible for overseeing the state's economic development efforts. The bill adds two additional members to the 11-member board, with one member appointed from a list of nominees from the Senate minority leader and the other from a list of nominees from the House minority leader. The new members must have experience in private equity, venture capital, commercial lending, or technology commercialization. The bill also clarifies the board's authority to delegate certain responsibilities, such as approving smaller business development and community revitalization incentives, to the MSF president. Additionally, the bill outlines the procedures for the board's meetings, including provisions for protecting confidential financial and proprietary information submitted by applicants.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Assigned Pa 24'23 With Immediate Effect (on 04/26/2023)
Official Document
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