MI HB5100

Amends 1984 PA 270 to clarify authorized uses of Michigan strategic fund money from the 21st century jobs trust fund for 21st century investments, commercialization board grants and loans, and other authorized programs.

Establishes spending caps for fiscal years excluding 2008-2009 and 2009-2010: 25% for loan enhancement, 40% for private equity/venture capital/mezzanine combined programs, and 70% for competitive edge technology grants with a $100 million lifetime limit on basic research.

Limits annual administrative costs to 3% of appropriations, with fund board authorization required by 2/3 vote to increase to 4% maximum.

Restricts business development and marketing costs to 5% of annual appropriations with at least 80% targeted outside Michigan, prohibits use of elected state officer references or images, and requires vendor selection through competitive request for proposal process with conflict of interest disclosures.

Prohibits fund from using appropriated money to acquire or improve real property, though this restriction does not apply to grant and loan recipients.