Loading chat...
MI HB5462
Bill
Status
2/4/2020
Primary Sponsor
Aaron Miller
Click for details
AI Summary
-
Changes references to the 21st Century Jobs Trust Fund from MCL 12.260 to MCL 12.262 throughout the Michigan Strategic Fund Act.
-
Requires all money returned to the fund from repayment of loans, grants, or other economic assistance to revert to the general fund of the state, rather than remaining in the investment fund.
-
Applies the reversion requirement to funds that were committed for loans, grants, or other economic assistance where the intended recipient is no longer eligible to receive them.
-
Adds reversion provisions to four sections of the Strategic Fund Act governing the investment fund, business development program, and community revitalization program.
Legislative Description
Economic development; Michigan strategic fund; funds returned; require to be placed in the general fund. Amends secs. 88b, 88h, 88r & 90b of 1984 PA 270 (MCL 125.2088b et seq.).
Economic development: Michigan strategic fund
Last Action
Bill Electronically Reproduced 02/05/2020
2/5/2020