MI HB4157

Creates an Information, Communications, and Technology Innovation Fund Investment Board with 5 members including the director of technology, management, and budget; state budget office director; state chief information officer; Michigan economic development corporation CEO; and one public member appointed by the governor.

Establishes an Information, Communications, and Technology Innovation Loan Program allowing the board to make loans to local units of government, public colleges, public universities, school districts, and intermediate school districts for technology improvement projects.

Sets loan interest rates at market rates but not less than Michigan's short-term borrowing rate; board determines loan amounts, recipients, terms, and conditions based on project feasibility, repayment ability, innovative value, and benefits to Michigan.

Creates the Information, Communications, and Technology Innovation Fund within the state treasury to receive deposits from loan repayments and other sources; money in the fund does not lapse at fiscal year-end.

Requires the board to submit quarterly status reports and annual assessments to the governor and legislature, with monitoring conducted monthly and reporting integrated with the state budget process.