Economic development: other; economic development corporations act; amend to reflect elimination of the Michigan strategic fund. Amends sec. 23 of 1974 PA 338 (MCL 125.1623). TIE BAR WITH: SB 0631'25
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Progress
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- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill amends the Economic Development Corporations Act to reflect the elimination of the Michigan Strategic Fund. It maintains existing provisions regarding a corporation’s ability to borrow money and issue revenue bonds to defray project costs and refund existing obligations. The bill clarifies that municipalities are not liable for the corporation’s debts and outlines reporting requirements for the corporation’s financial activities. The act is contingent on the enactment of Senate Bill 631.
Key provisions
- Allows corporations to borrow money and issue revenue bonds for project costs and refunds.
- Specifies that municipalities are not liable for corporate debt.
- Requires corporations to report annually on their activities, revenues, and expenditures.
- Mandates the publication of financial statements in a local newspaper.
- Defines that bonds and notes must state they are not a debt of the municipality.
- Allows investment of corporate bonds in various financial institutions.
- Clarifies exemptions from state and local taxes on bonds and interest.
Who is affected
- Corporations
- Municipalities
- Michigan Economic Development Corporation
- Public Officers
- State Agencies
Notable changes
- Reflects the elimination of the Michigan Strategic Fund.
Bill text
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- Senate Introduced Bill
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