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MI SB1251
Bill
AI Summary
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Expands the Michigan Strategic Fund's purposes to include making loans to a Special Purpose FWC Settlement Entity to fund the Flint water litigation settlement, including paying expenses, reimbursing the state's initial $5,000,000 payment, and funding the FWC Qualified Settlement Fund.
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Adds definitions for "FWC Qualified Settlement Fund" and "Special Purpose FWC Settlement Entity" related to the settlement in In re Flint Water Cases, No. 5:16-cv-10444-JEL-MKM (ED Mich).
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Authorizes the Michigan Strategic Fund to borrow money and issue bonds or notes specifically to finance the Special Purpose FWC Settlement Entity, secured by pledges of anticipated state appropriations and other sources.
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Includes the Flint water settlement as an eligible "project" under the fund's definition, allowing it to be funded through the fund's existing loan and financing mechanisms.
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Effective December 30, 2020.
Legislative Description
Economic development: Michigan strategic fund; authority to borrow and issue bonds and notes to fund the Flint water litigation settlement: provide for. Amends secs. 2, 4, 7 & 23 of 1984 PA 270 (MCL 125.2002 et seq.).
Economic development: Michigan strategic fund
Last Action
Assigned Pa 0358'20 With Immediate Effect
12/30/2020