Bill > SB0660

This bill amends the Economic Development Corporations Act to update language and references related to economic development entities in Michigan. The bill modifies several key provisions regarding economic development corporations' financial operations, including clarifying that corporations can issue revenue bonds and refunding bonds with specific flexibilities, such as issuing refunding bonds in amounts greater than the original bonds to facilitate refinancing. The bill removes references to the Michigan Economic Development Corporation and replaces them with a new "bureau of fair competition and free enterprise," which suggests a restructuring of the state's economic development oversight. The legislation maintains existing protections, such as specifying that municipal governments are not liable for corporate bonds and that these bonds remain tax-exempt. Additionally, the bill reinforces transparency requirements by mandating that corporations provide annual reports to the municipal governing body and publish financial statements in local newspapers, ensuring public access to financial records and expenditure information. The bill is tied to the passage of Senate Bill 631, meaning it will only take effect if that companion legislation is also enacted.

Government Affairs

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0660