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MI HB6185
Bill
Status
9/3/2020
Primary Sponsor
Sara Cambensy
Click for details
AI Summary
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State Treasurer may invest surplus state funds in loans to nonprofit sports commissions to facilitate development of recreational activities in Michigan.
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Loans must not exceed 10 years in duration, with terms and interest rates set by the State Treasurer.
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Aggregate amount of loans cannot exceed $30,000,000 at any one time.
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Eligible "nonprofit sports commission" must have received prior state general fund support and be organized to foster sports competitions, promote northern Michigan as athletic destination, enhance regional economy, and promote Great Lakes sports and tourism industries.
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Loans are declared a valid public purpose under state law.
Legislative Description
State financing and management: funds; use of surplus funds for loans to certain nonprofit sports commission; provide for. Amends 1855 PA 105 (MCL 21.141 - 21.147) by adding sec. 2g.
State agencies (existing): treasury
Last Action
Bill Electronically Reproduced 09/03/2020
9/8/2020