HB-5018, As Passed Senate, March 25, 2010

SENATE SUBSTITUTE FOR

HOUSE BILL NO. 5018

     A bill to amend 1984 PA 270, entitled

"Michigan strategic fund act,"

(MCL 125.2001 to 125.2094) by adding chapter 3A.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

CHAPTER 3A

     Sec. 38. (1) The legislature finds and declares that the

activities authorized under this chapter to promote this state and

the creation of jobs in this state are a public purpose and of

paramount concern in the interest of the health, safety, and

general welfare of the citizens of this state. It is the intent of

the legislature that the economic benefits and creation of jobs

resulting from this chapter shall accrue substantially within this

state.

     (2) Activities authorized under this chapter shall not be

considered a project, economic development project, or a product

assisted by the fund for purposes of chapter 1 or 2.

     Sec. 39. (1) The Michigan promotion fund is created as a

separate fund in the state treasury and shall be administered by

the state treasurer.

     (2) The Michigan promotion fund shall be used to promote

economic development and job creation in this state through the

promotion of tourism.

     (3) The state treasurer shall credit to the Michigan promotion

fund all amounts designated for the Michigan promotion fund by this

chapter and section 21 of the use tax act, 1937 PA 94, MCL 205.111.

     (4) The state treasurer shall direct the investment of

Michigan promotion fund money in the same manner as all other funds

are invested. The state treasurer shall credit to the Michigan

promotion fund the interest and earnings from the fund.

     (5) Money deposited, funds granted, or funds received as gifts

or donations to the Michigan promotion fund shall be available for

disbursement when deposited. The Michigan promotion fund is not

required to maintain a minimum balance. Funds may be disbursed from

the Michigan promotion fund at any time. The Michigan promotion

fund shall not be used to promote business development.

     (6) Money in the Michigan promotion fund at the close of the

state fiscal year shall remain in the Michigan promotion fund and

shall not lapse to the state general fund.

House Bill No. 5018 as amended March 25, 2010

     (7) Through December 31, 2010, the Michigan promotion fund may

borrow money and issue notes to provide sufficient funds for

achieving the Michigan promotion fund's purpose and objectives,

including, but not limited to, amounts necessary to pay the costs

for promoting economic development and job creation in this state

through the promotion of tourism; for all other expenditures of the

Michigan promotion fund incident to and necessary or convenient to

carry out the Michigan promotion fund's purposes, objectives, and

powers; and for any combination of the these.

<<(8) For the fiscal year ending September 30, 2010,

$9,500,000.00 is appropriated from the Michigan promotion fund to

be used as provided in this chapter.>>

     Enacting section 1. This amendatory act does not take effect

unless Senate Bill No. 619 of the 95th Legislature is enacted into

law.