MI SB0769

Creates the strategic outreach and attraction reserve fund within the department of labor and economic opportunity to receive money from state appropriations and other sources

Directs the state treasurer to invest fund money with interest and earnings deposited back into the fund; unobligated balances do not lapse to the general fund at fiscal year end

Limits fund expenditures to the critical industry program and Michigan strategic site readiness program, both established under the Michigan strategic fund act

Requires the department of labor and economic opportunity to submit annual reports by March 15 to the legislature, governor, and fiscal agencies on fund activities

Takes effect only upon enactment of Senate Bill 771, House Bills 4082, 5351, and 5603 of the 101st Legislature; effective December 27, 2021