Bill Text: MI HB5018 | 2009-2010 | 95th Legislature | Engrossed
Bill Title: Economic development; other; Michigan promotion fund; create. Amends 1984 PA 270 (MCL 125.2001 - 125.2094) by adding ch. 3A. TIE BAR WITH: SB 0619'09
Spectrum: Moderate Partisan Bill (Democrat 10-2)
Status: (Passed) 2010-04-13 - Assigned Pa 36'10 With Immediate Effect [HB5018 Detail]
Download: Michigan-2009-HB5018-Engrossed.html
HB-5018, As Passed Senate, March 25, 2010
SENATE SUBSTITUTE FOR
HOUSE BILL NO. 5018
A bill to amend 1984 PA 270, entitled
"Michigan strategic fund act,"
(MCL 125.2001 to 125.2094) by adding chapter 3A.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
CHAPTER 3A
Sec. 38. (1) The legislature finds and declares that the
activities authorized under this chapter to promote this state and
the creation of jobs in this state are a public purpose and of
paramount concern in the interest of the health, safety, and
general welfare of the citizens of this state. It is the intent of
the legislature that the economic benefits and creation of jobs
resulting from this chapter shall accrue substantially within this
state.
(2) Activities authorized under this chapter shall not be
considered a project, economic development project, or a product
assisted by the fund for purposes of chapter 1 or 2.
Sec. 39. (1) The Michigan promotion fund is created as a
separate fund in the state treasury and shall be administered by
the state treasurer.
(2) The Michigan promotion fund shall be used to promote
economic development and job creation in this state through the
promotion of tourism.
(3) The state treasurer shall credit to the Michigan promotion
fund all amounts designated for the Michigan promotion fund by this
chapter and section 21 of the use tax act, 1937 PA 94, MCL 205.111.
(4) The state treasurer shall direct the investment of
Michigan promotion fund money in the same manner as all other funds
are invested. The state treasurer shall credit to the Michigan
promotion fund the interest and earnings from the fund.
(5) Money deposited, funds granted, or funds received as gifts
or donations to the Michigan promotion fund shall be available for
disbursement when deposited. The Michigan promotion fund is not
required to maintain a minimum balance. Funds may be disbursed from
the Michigan promotion fund at any time. The Michigan promotion
fund shall not be used to promote business development.
(6) Money in the Michigan promotion fund at the close of the
state fiscal year shall remain in the Michigan promotion fund and
shall not lapse to the state general fund.
House Bill No. 5018 as amended March 25, 2010
(7) Through December 31, 2010, the Michigan promotion fund may
borrow money and issue notes to provide sufficient funds for
achieving the Michigan promotion fund's purpose and objectives,
including, but not limited to, amounts necessary to pay the costs
for promoting economic development and job creation in this state
through the promotion of tourism; for all other expenditures of the
Michigan promotion fund incident to and necessary or convenient to
carry out the Michigan promotion fund's purposes, objectives, and
powers; and for any combination of the these.
<<(8) For the fiscal year ending September 30, 2010,
$9,500,000.00 is appropriated from the Michigan promotion fund to
be used as provided in this chapter.>>
Enacting section 1. This amendatory act does not take effect
unless Senate Bill No. 619 of the 95th Legislature is enacted into
law.
