MICHIGAN STRATEGIC FUND ACT (EXCERPT)
Act 270 of 1984
125.2009 Status report; audit.
(1) The fund shall transmit to the legislature annually a status report of its activities. The report shall include, but not be limited to, information on name and location of all applicants, amount and type of financial assistance being requested, type of project or product being financed, number of net jobs created or retained, duration of financial assistance, amount of financial support other than state resources, and the status of any loans of the fund, excluding industrial development revenue loans, which are in default. The report shall not include information exempt from disclosure under section 5.
(2) The auditor general or a certified public accountant appointed by the auditor general annually shall conduct and remit to the legislature an audit of the fund and, in the conduct of the audit, shall have access to all records of the fund at any time, whether or not confidential. Each audit required by this section shall include a determination of whether the fund is likely to be able to continue to meet its obligations, including a report on the status of outstanding loans and agreements made by the fund.
(3) The fund shall also transmit the status report described in subsection (1) and audit described in subsection (2) to the chairperson and minority vice-chairperson of the senate appropriations subcommittee on general government and the house of representatives appropriations subcommittee on general government. The fund shall make the status report and audit available to the public on the fund's website.
History: 1984, Act 270, Eff. Mar. 29, 1985
Am. 1987, Act 278, Imd. Eff. Jan. 6, 1988
Am. 2011, Act 291, Imd. Eff. Dec. 21, 2011
Am. 2012, Act 145, Imd. Eff. May 30, 2012
Popular Name: Strategic Fund
© 2009 Legislative Council, State of Michigan