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MI SB1087
Bill
AI Summary
SB 1087 Summary
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State treasurer may invest surplus state funds in loans to nonprofit sports commissions for developing 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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Maximum aggregate loan amount cannot exceed $30,000,000 at any single time.
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"Nonprofit sports commission" must be a nonprofit corporation that received state general fund support and operates for purposes including fostering sports competitions, promoting northern Michigan as an athletic destination, and enhancing the regional economy.
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Loans declared to be for a valid public purpose.
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
Referred To Committee On Appropriations
9/9/2020