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Michigan Legislature
Michigan Compiled Laws Complete Through PA 19 of 2024
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NOTE: Dates reflect any modification to item, not necessarily a change in law.

Act 270 of 1984 - MICHIGAN STRATEGIC FUND ACT (125.2001 - 125.2094)
270‑1984‑1 ‑ CHAPTER 1 (125.2001...125.2014)
     Section 125.2001 ‑ Legislative finding and declaration.
     Section 125.2002 ‑ Purposes of act.
     Section 125.2003 ‑ Short title.
     Section 125.2004 ‑ Definitions.
     Section 125.2005 ‑ Michigan strategic fund; creation; purposes, powers, duties, and functions generally; appointment, qualifications, and terms of members; chairperson, president, and vice-president; compensation and expenses; delegation of functions and authority; quorum; voting; meetings; conducting business at public meeting; notice; confidentiality; closed sessions; "financial or proprietary information" defined.
     Section 125.2006 ‑ Members, officers, and employees subject to MCL 15.321 to 15.330 or MCL 15.301 to 15.310; discharge of duties by member, officer, employee, or agent; prohibited conduct; conflict of interest; noncompliance; expenditures.
     Section 125.2007 ‑ Powers and duties of fund.
     Section 125.2007a ‑ Compliance with divestment from terror act.
     Section 125.2007b ‑ Advisory committee; projects relating to port facilities; recommendations.
     Section 125.2008 ‑ Evaluation procedures; priorities; targets.
     Section 125.2009 ‑ Activities report; contents; audit; providing and posting information regarding actions under chapter 8C; posting loan or grant documentation and information regarding programs providing financial assistance; "financial assistance" defined.
     Section 125.2010 ‑ Applicability of limitation or restriction.
     Section 125.2011 ‑ Request for assistance; approval or disapproval; reconsideration.
     Section 125.2012 ‑ Private sector financial support; associated transactions.
     Section 125.2012a ‑ Loan, loan insurance, or guarantee for public work; requirements.
     Section 125.2013 ‑ Total debt owed to fund; limitation.
     Section 125.2014 ‑ Loans and transactions.
270‑1984‑2 ‑ CHAPTER 2 (125.2021...125.2026)
     Section 125.2021 ‑ Job development authority and Michigan economic development authority; acquisitions and succession by fund to rights, properties, obligations, and duties thereof.
     Section 125.2022 ‑ Economic development fund; succession by fund to ownership and operation thereof; payments pursuant to heritage trust act of 1982; appropriation; utilization and expenditure of money; priorities; transfer and repayments of money; utilization of proceeds from bonds or notes.
     Section 125.2023 ‑ Bonds or notes.
     Section 125.2024 ‑ Contracts for management and operation of fund.
     Section 125.2025 ‑ Actions by fund; equal opportunity criteria; considerations when entering transaction.
     Section 125.2026 ‑ Staff and other support; cooperation of state agencies.
270‑1984‑2A ‑ CHAPTER 2A (125.2029...125.2029h)
     Section 125.2029 ‑ Definitions.
     Section 125.2029a ‑ Michigan film office; creation in fund; successor office; duties; powers; budget, procurement, and management functions; administration by commissioner and president of fund; support staff; cooperation with departments, agencies, boards, commissions, and officers.
     Section 125.2029b ‑ Michigan film commissioner; member of state classified service; terms and conditions of employment; agreement; term; oath of office; service as advisor; duties; meetings; exercise of powers, duties, functions, and responsibilities; rules.
     Section 125.2029c ‑ Michigan film office advisory council; creation; membership; chairperson, vice-chairperson, and officers; terms; vacancy; compensation; duties; public meeting; quorum; writings; confidentiality; use of information for personal gain prohibited; adoption of code of ethics.
     Section 125.2029d ‑ Michigan film promotion fund; creation within state treasury; receipt of money or other assets; investment; money remaining in fund at close of fiscal year; expenditure; transfer and deposit of funds.
     Section 125.2029e ‑ Michigan economic development corporation; joint exercise of power.
     Section 125.2029f ‑ Representation as employee or agent of office, commissioner, or council; authorization required; violation as misdemeanor; penalty.
     Section 125.2029g ‑ Transfer of records, personnel, property, grants, and unexpended balances.
     Section 125.2029h ‑ Film and digital media production assistance program; funding prohibited; applications; priority; provisions; submission of application; form; fee; agreement; determination; factors; award; fraudulent or false information; penalty; disclosure of information, records, or other data; performance dashboard; limitation for above the line personnel; hiring Michigan residents; waiver of Michigan resident hiring requirements; findings and declaration of legislature; limitation on use of annual appropriation; certification of certain information by commissioner; reversion of money to general fund; definitions.
270‑1984‑3 ‑ CHAPTER 3 (125.2031...125.2037)
     Section 125.2031 ‑ Center for assistance to private enterprise; establishment and operation.
     Section 125.2032 ‑ Private enterprise assistance account; payments into account; transfer of money.
     Section 125.2033 ‑ Loans, limitations.
     Section 125.2034 ‑ Loans, grants, or investments; limitations; condition.
     Section 125.2035 ‑ Loans; use; recipients; terms and conditions.
     Section 125.2036 ‑ Loan for economic development project; legal assurance as to use of money.
     Section 125.2037 ‑ Paramount priority in making loans.
270‑1984‑3A ‑ CHAPTER 3A (125.2038...125.2039)
     Section 125.2038 ‑ Legislative findings and declaration; intent.
     Section 125.2039 ‑ Michigan promotion fund; creation; administration; use; credit of amounts; investment; disbursement; borrowing money and issuing notes; appropriation.
270‑1984‑4 ‑ CHAPTER 4 (125.2041...125.2049a)
     Section 125.2041 ‑ "Public work" defined.
     Section 125.2042 ‑ Center for assistance to local government; establishment and operation.
     Section 125.2043 ‑ Local government assistance account; payments into account; transfer of money.
     Section 125.2044 ‑ Utilization of money; purposes.
     Section 125.2045 ‑ Loans, loan insurance, or guarantees; requirements.
     Section 125.2046 ‑ Loans, loan insurance, or guarantees; limitation; lawful public improvement; prohibition; application.
     Section 125.2047 ‑ Borrowing or contracting for loan insurance and loan guarantees; debt limitation; approval; certain acts inapplicable.
     Section 125.2048 ‑ Loans, loan insurance, or loan guarantees; terms and conditions.
     Section 125.2049 ‑ Loans, loan insurance, or loan guarantees; conditions.
     Section 125.2049a ‑ Paramount priority.
270‑1984‑5 ‑ CHAPTER 5 (125.2051...125.2058)
     Section 125.2051 ‑ Center for loan insurance; establishment and operation.
     Section 125.2052 ‑ Loan insurance account; payments into accounts; transfer of money.
     Section 125.2053 ‑ Powers of fund through center for loan insurance.
     Section 125.2054 ‑ Contract of insurance.
     Section 125.2055 ‑ Insurance, guarantees, or letters of credit; limitation; paramount priority.
     Section 125.2056 ‑ Insurance, guarantees, or letters of credit; legal assurance of use; terms and conditions; premiums or fees; guidelines.
     Section 125.2057 ‑ Agreements with lenders.
     Section 125.2058 ‑ Special fund; purpose.
270‑1984‑6 ‑ CHAPTER 6 (125.2061...125.2069a)
     Section 125.2061 ‑ Definitions.
     Section 125.2062 ‑ Center for minority venture capital; establishment and operation.
     Section 125.2063 ‑ Certification of minority venture capital company and MESBIC; purpose; construction of certification; statement in documents; forwarding certification applications; qualifications for initial certification; compliance.
     Section 125.2064 ‑ Considerations prior to certification.
     Section 125.2065 ‑ Percentage of venture capital investments; encouraging certified MESBIC to meet investment requirements; “investment” defined.
     Section 125.2066 ‑ Minority venture capital company as certified MESBIC.
     Section 125.2067 ‑ Independent program audit.
     Section 125.2068 ‑ Effective date and duration of certification; eligibility as recipient of investments; approval and effect of tax credit disqualification.
     Section 125.2069 ‑ Revocation of certification; notice; remedying deficiencies and complying with requirements; determination.
     Section 125.2069a ‑ Tax credit certification; information; report.
270‑1984‑7 ‑ CHAPTER 7 (125.2071...125.2079)
     Section 125.2071 ‑ Definitions.
     Section 125.2072 ‑ Center for research and development; establishment and operation.
     Section 125.2073 ‑ Research center fund; payments into fund; transfer of money.
     Section 125.2074 ‑ Research center fund; use of money; purpose; obligations of present or emerging technologies; purposes of financial aid; terms and conditions of financial aid; minimum financial aid grant; payment; tax exemption.
     Section 125.2075 ‑ Business plan.
     Section 125.2076 ‑ Scope of succession to rights, properties, obligations, and duties of Michigan economic development authority; payments in research center fund.
     Section 125.2077 ‑ Higher education coordination council; membership.
     Section 125.2078 ‑ Service station matching grant program.
     Section 125.2079 ‑ Location of renewable fuel plants; inventory of prime sites; availability on internet; assistance.
270‑1984‑8 ‑ CHAPTER 8 (125.2081...125.2087)
     Section 125.2081 ‑ “Economic development fund” defined.
     Section 125.2082 ‑ Center for product development; establishment and operation.
     Section 125.2083 ‑ Product development program account; payments into account; transfer or deposit of money.
     Section 125.2084 ‑ Product development program account; utilization of money; purpose; terms and conditions of financial aid; condition to financial aid.
     Section 125.2085 ‑ Recipients of financial aid.
     Section 125.2086 ‑ Amount of financial aid and terms of venture agreement; evaluation and examination.
     Section 125.2086a ‑ Financial aid to nonprofit corporation; powers and duties of corporation; fund as party to venture agreement; provisions of venture agreement.
     Section 125.2087 ‑ Advisory panel; purpose; membership; report; recommendation.
270‑1984‑8A ‑ CHAPTER 8A (125.2088...125.2088t)
     Section 125.2088 ‑ Legislative findings; intent; scope of activities.
     Section 125.2088a ‑ Definitions.
     Section 125.2088b ‑ Programs created and operated by fund board; expenditures or investments; use of appropriated or transferred money; fees; restriction; selection of vendors; expenditure of funds without further appropriation.
     Section 125.2088c ‑ Duties of fund board; definitions.
     Section 125.2088d ‑ Loan enhancement program; loan guarantee program; small business capital access program; Michigan film and digital media investment loan program; choose Michigan film and digital media loan fund; choose Michigan fund program; Michigan micro loan program; definitions.
     Section 125.2088e ‑ Private equity investment program.
     Section 125.2088f ‑ Venture capital investment program.
     Section 125.2088g ‑ Mezzanine investment program.
     Section 125.2088h ‑ Investment fund; creation; duties of fund board.
     Section 125.2088i ‑ Office of chief compliance officer.
     Section 125.2088j ‑ Disbursements.
     Section 125.2088k ‑ Strategic economic investment and commercialization board; creation; powers, duties, and authority; award of grants and loans; duties of fund; standards for expenditures of money; reasons for selection of grant recipient.
     Section 125.2088l ‑ Commercialization board; membership; appointment; terms; vacancy; chairperson, vice-chairperson, and secretary; oath of office; compensation; reimbursement for expenses; organization; quorum; business conducted at public meetings.
     Section 125.2088m ‑ Member, employee, or agent of commercialization board; conduct.
     Section 125.2088n ‑ Access to books and records by auditor general; separate audit; requirement that recipient provide information necessary for production of reports.
     Section 125.2088o ‑ Technology transfer acceleration program.
     Section 125.2088p ‑ Michigan life sciences pipeline; establishment; purpose; commencement of operations; awards; selection of pipeline operator; request for proposals; contract; duration; report; "pipeline" defined.
     Section 125.2088q ‑ Center of innovation program; definitions.
     Section 125.2088r ‑ Michigan business development program; posting certain information on website; finding and declaration of public purpose; definitions.
     Section 125.2088s ‑ Critical industry program.
     Section 125.2088t ‑ Michigan strategic site readiness program.
270‑1984‑8B ‑ CHAPTER 8B (125.2089...125.2089d)
     Section 125.2089 ‑ Legislative findings; intent; scope of activities.
     Section 125.2089a ‑ Michigan promotion program; establishment; tourism promotion explained; funding; use of appropriation provided from 21st century jobs trust fund.
     Section 125.2089b ‑ Michigan promotion program; appropriation and transfer of funds; appropriation as work project; carrying forward unencumbered or unallotted funds; compliance with MCL 18.1451a.
     Section 125.2089c ‑ Selection of vendors; request for proposal; evaluation of proposals; establishment of standard process; appointment of committee to review proposals; use of funds; limitation.
     Section 125.2089d ‑ Repealed. 2014, Act 454, Eff. Jan. 14, 2015.
270‑1984‑8C ‑ CHAPTER 8C (125.2090...125.2090d)
270‑1984‑8D ‑ CHAPTER 8D (125.2090g...125.2090j)
270‑1984‑8E ‑ CHAPTER 8E (125.2090l...125.2090r)
     Section 125.2090 ‑ Community revitalization; findings and declarations.
     Section 125.2090a ‑ Definitions.
     Section 125.2090b ‑ Michigan community revitalization program; community revitalization incentives; placement of funds in 21st century jobs trust fund; application; criteria; approval or denial; limitation on amount of loans, grants, and other economic assistance; written agreement; use of annual appropriation from 21st century jobs trust fund; fees; community revitalization incentives for neighborhood and commercial corridor food initiatives; findings and declaration.
     Section 125.2090c ‑ Community revitalization grant; application; assignment; form; determination; issuance of grant proceeds.
     Section 125.2090d ‑ Milestone; application for loan disbursement; assignment; distribution; repayment provision; posting information on internet website.
     Section 125.2090g ‑ Definitions.
     Section 125.2090h ‑ Good jobs for Michigan program; creation and operation by fund; transfer of dedicated portion of withholding tax capture revenues to businesses; application; requirements; determination of amount and duration; limitation; factors; written agreement; contents; execution; maximum amount of total withholding tax capture revenue; limitation on number of written agreements.
     Section 125.2090i ‑ Withholdings certificate; issuance; contents; request for payment; failure of authorized business to satisfy and maintain jobs and other conditions; forfeiture of payment; assignment or transfer of written agreement; retention of amount to pay for administrative expenses; identification of authorized business and disclosure of amount an duration of payments; publication of information on website.
     Section 125.2090j ‑ Good jobs for Michigan fund; creation; deposit of money or other assets; investment; interest and earnings; money remaining in fund; use.
     Section 125.2090l ‑ Definitions.
     Section 125.2090m ‑ Rural jobs and capital investment fund; application; qualifications; duties.
     Section 125.2090n ‑ Rural jobs and capital investment creation fund; creation; deposit of money or other assets; investment; interest and earnings; money remaining in fund; use.
     Section 125.2090o ‑ Demand for repayment; conditions; growth investments; notification.
     Section 125.2090p ‑ Annual report; compliance.
     Section 125.2090q ‑ Annual fee.
     Section 125.2090r ‑ Withdrawal from rural jobs and capital investment program.
270‑1984‑9 ‑ CHAPTER 9 (125.2091...125.2094)
     Section 125.2091 ‑ Liberal construction; broad interpretation.
     Section 125.2092 ‑ Repeal of MCL 125.1701 to 125.1770 and MCL 125.1901 to 125.1934.
     Section 125.2093 ‑ Severability.
     Section 125.2094 ‑ Duties of governor.

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