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MI SB1249
Bill
AI Summary
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State treasurer may loan up to $9,500,000 in surplus funds to the Michigan Strategic Fund established under 1984 PA 270.
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Loan proceeds must be deposited in the Michigan Promotion Fund and used only for authorized purposes and activities of that fund.
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State treasurer cannot approve the loan unless proceeds from the Michigan Promotion Assessment Act on motor vehicle leases or rentals will be sufficient to repay the loan.
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Loan must be repaid within a period not exceeding 5 years.
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State treasurer may establish additional loan terms beyond those specified in the statute.
Legislative Description
State financing and management; funds; loans from surplus funds act; provide for. Amends 1855 PA 105 (MCL 21.141 - 21.147) by adding sec. 2g.
State agencies (existing), energy, labor, and economic growth
Last Action
Referred To Committee On Finance
3/25/2010