Economic development: other; 1921 PA 2; amend to reflect elimination of the Michigan strategic fund. Amends secs. 2b & 3 of 1921 PA 2 (MCL 17.2b & 17.3). TIE BAR WITH: SB 0631'25
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill modifies the Michigan Administrative Board’s powers and duties, primarily by reflecting the elimination of the Michigan Strategic Fund. It updates sections of the 1921 act to align with the abolishment of the fund and related programs. The board will continue to oversee state departments and institutions, but with restrictions on transferring funds from specific reserve funds established by the Strategic Fund Act.
Key provisions
- The Administrative Board will retain oversight of functions previously handled by the Michigan Strategic Fund.
- The Board will employ the Chief Compliance Officer designated by the Strategic Fund Act.
- The Board must review reports submitted by the Chief Compliance Officer.
- The Board has authority over the Michigan Tobacco Settlement Finance Authority Act.
- The Board is restricted from transferring appropriations to the general fund without legislative approval.
- The Board cannot use unappropriated funds from any source.
- The Board can inter-transfer funds within a department, but requires Senate and House approval.
- The Board cannot transfer funds from specific reserve funds related to the Strategic Fund Act.
Who is affected
- State Administrative Board
- State Departments
- State Institutions
- Legislature
- State Budget Director
Notable changes
Bill text
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- Senate Introduced Bill
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