MI HB4744

Allows cities, villages, townships, and counties to receive and use federal, state, or local grants and loans to make secured or unsecured loans or grants to private businesses, corporations, or other governmental entities for economic development purposes.

Prohibits grants or loans from being funded by ad valorem taxes except those approved by voter referendum for economic development; counties must establish an application process and award grants or loans at a public hearing of the county board of commissioners.

Permits loan repayment rights to be assigned to entities, agencies, authorities, or private corporations created to make and administer such loans.

Authorizes municipalities to issue loan revenue bonds or notes secured by repayment of loans made under this act, subject to department of treasury approval based on legal compliance, revenue sufficiency, and appropriateness of amount.

Declares loan revenue bonds or notes to be for essential public purposes, exempt from taxation, and not general obligations of the issuing municipality.