April 3, 2003, Introduced by Senator BASHAM and referred to the Committee on Appropriations.
A bill to amend 1987 PA 231, entitled
"An act to create a transportation economic development fund in
the state treasury; to prescribe the uses of and distributions
from this fund; to create the office of economic development and
to prescribe its powers and duties; to prescribe the powers and
duties of the state transportation department, state
transportation commission, and certain other bodies; and to
permit the issuance of certain bonds,"
by amending section 2 (MCL 247.902), as amended by 1989 PA 218.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 2. (1) The transportation economic development fund is
2 established and shall be set up and maintained in the state
3 treasury as a separate fund for the purposes of enhancing this
4 state's ability to compete in an international economy, serving
5 as a catalyst for the economic growth of this state, and to
6 improve the quality of life in the rural and urban areas of this
7 state.
8 (2) The office of economic development is established within
1 the department.
2 (3) The office of economic development shall administer the
3 fund in accordance with the adopted policies of the commission.
4 (4) The fund shall
consist of the following: (a) Revenue
5 revenue from the Michigan transportation fund pursuant to section
6 10 of Act No. 51 of
the Public Acts of 1951, being section
7 247.660 of the Michigan
Compiled Laws 1951 PA 51, MCL
247.660.
8 (b) Revenue from
the increases in fees as described in
9 section 819 of the Michigan
vehicle code, Act No. 300 of the
10 Public Acts of 1949,
being section 257.819 of the Michigan
11 Compiled Laws.