HB 5417
Economic development: Michigan strategic fund; legislative reports; require for disbursement of funds. Amends sec. 7 of 1984 PA 270 (MCL 125.2007) & adds sec. 7c.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
House Bill 5417 modifies the Michigan Strategic Fund Act to ensure that funds are only disbursed when the fund is current on its required legislative reports. The bill expands the fund’s powers to include activities like borrowing money, acquiring property, investing funds, and providing job training and brownfield remediation. It also clarifies the definition of ‘economic incentive’ for reporting purposes and establishes a requirement for written agreements to include a provision preventing disbursement if the fund is behind on its reports. This legislation aims to increase accountability and transparency in the use of state economic development funds.
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Primary sponsor
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Gregory Alexander
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