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MI HB5909
Bill
Status
3/2/2010
Primary Sponsor
Gary McDowell
Click for details
AI Summary
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State treasurer may loan up to $20,000,000 in surplus funds to the Michigan Strategic Fund established under the Michigan Strategic Fund Act, 1984 PA 270.
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Loan proceeds must be deposited in the Michigan Promotion Fund and used for purposes and activities authorized by the Michigan Promotion Fund.
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State treasurer may only make the loan if proceeds from the Michigan Promotion Assessment Act on motor vehicle leases and rentals will be available in sufficient amounts to repay the loan.
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Loan must be repaid within 5 years, with state treasurer authorized to prescribe additional loan terms.
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Bill does not take effect unless House Bills 5017 and 5018 are also enacted into law.
Legislative Description
State financing and management; funds; surplus funds act; revise reference to department of consumer and industry services to department of energy, labor, and economic growth. Amends secs. 2f & 7 of 1855 PA 105 (MCL 21.142f & 21.147).
State agencies (existing), energy, labor, and economic growth
Last Action
Referred To Committee On Finance
3/23/2010