Senate Bill 699 Summary

• Amends Section 23 of the Michigan Strategic Fund Act (1984 PA 270) to update references to the Uniform Securities Act (2002).

• Removes requirement that bonds and notes issued by the fund be registered under the Uniform Securities Act (1964 PA 265) and adds exemption from filing requirements under both the 1964 Act and the Uniform Securities Act (2002) (2008 PA 551).

• Authorizes the Michigan Strategic Fund to issue bonds and notes for economic development purposes with maturities up to 50 years, with interest rates set by board resolution.

• Permits the fund to enter into interest rate swaps, hedges, or similar agreements to manage debt service costs.

• Subjects bond and note issuance to the Agency Financing Reporting Act (2002 PA 470) and maintains tax-exempt status for fund bonds, notes, and related revenues except for estate, gift, and inheritance taxes.