MI SB0278

Creates the Jobs for Michigan Investment Fund as a permanent fund under Michigan's state constitution, with money remaining in the fund at fiscal year end rather than lapsing to the general fund.

Prohibits transfer of investment fund money to other governmental entities except as authorized by this act, and allows funds to be invested in company stock, debt instruments, and loan guarantees for economic development purposes.

Establishes five primary investment objectives: retaining or creating jobs, increasing capital investment activity, increasing commercial lending activity, encouraging development of competitive edge technologies, and revitalizing Michigan communities.

Designates the fund board as trustees to direct investment and reinvestment of fund assets, with authority to establish restricted subaccounts and contract with the state treasurer for administration.

Imposes strict conflict-of-interest restrictions on fund board members and officers, prohibiting direct or indirect financial interests in fund investments, borrowing from the fund, or serving as endorsers for fund loans, with violations subject to removal and misdemeanor penalties of up to 90 days imprisonment or $500 fine.