Title 125, PLANNING, HOUSING, AND ZONING

Sec. 13. The total debt owed to the fund, excluding rights and royalties under a venture capital agreement or obligations to the fund resulting from an industrial development revenue bond or note, in relation to any 1 project shall at no time exceed 5% of the total assets of the …

Sec. 14. A loan made by the fund pursuant to this act or through any of its centers shall not be considered a loan proscribed by section 11 of Act No. 472 of the Public Acts of 1978, being section 4.421 of the Michigan Compiled Laws. In addition, any transaction of the fund pursu…

Sec. 21. Upon the expiration of 180 days after the effective date of this act, the fund shall acquire and succeed to all of the rights, properties, obligations, and duties of the job development authority under the provisions of Act No. 301 of the Public Acts of 1975, being secti…

Sec. 22. (1) Upon the expiration of 180 days after the effective date of this act, the fund shall succeed to the ownership and operation of the economic development fund created by Act No. 70 of the Public Acts of 1982, being sections 125.1901 to 125.1934 of the Michigan Compiled…

Sec. 23. (1) The fund may borrow money and issue bonds or notes for the following purposes: (a) To provide sufficient funds for achieving the fund's purposes and objectives including, but not limited to, amounts necessary to pay the costs of acquiring a project or part of a proje…

Sec. 24. The fund, in its discretion, may contract with others, public or private, for the provision of all or a portion of the services necessary for the management and operation of the fund.

Sec. 25. All actions taken by the fund shall be necessary or convenient to achieve the purposes and objectives of this act or of the fund. The fund shall establish criteria to assure equal opportunity to women, minorities, and small businesses. When deciding whether to enter into…

Sec. 26. (1) If requested by the fund, the department of commerce shall provide staff and other support to the Michigan strategic fund sufficient to carry out its duties, powers, and responsibilities. (2) All departments and agencies of state government shall provide full coopera…

Sec. 29. As used in this chapter: (a) "Commissioner" means the Michigan film commissioner created in section 29b. (b) "Council" means the Michigan film office advisory council created in section 29c. (c) "Local film office" means an office, agency, bureau, or department of a poli…

Sec. 29a. (1) The Michigan film office is created in the fund. The office shall be the successor to any authority, powers, duties, functions, or responsibilities of the Michigan film office under former section 21 of the history, arts, and libraries act, 2001 PA 63. (2) The offic…

Sec. 29b. (1) The head of the office shall be the Michigan film commissioner. The commissioner shall be a member of the state classified service. The terms and conditions of the employment of the commissioner shall be governed by a senior executive service limited term employment…

Sec. 29c. (1) The Michigan film office advisory council is created in the office. The council shall consist of the following members: (a) Fourteen individuals appointed by the governor as follows: (i) Five members associated with broad areas of film, digital media, and motion pic…

Sec. 29d. (1) The Michigan film promotion fund is created within the state treasury. (2) The state treasurer may receive money or other assets from any source for deposit into the promotion fund, including federal funds, other state revenues, gifts, bequests, and other donations,…

Sec. 29e. The powers and duties of the fund under this chapter may be exercised and performed by the Michigan economic development corporation as a joint exercise of power authorized under the urban cooperation act of 1967, 1967 (Ex Sess) PA 7, MCL 124.501 to 124.512, pursuant to…

Sec. 29f. (1) A person who is not an agent or employee of the office, commissioner, or council shall not represent that the person is an employee or agent of the office, commissioner, or council without the express authorization of the commissioner. (2) A person who violates this…

Sec. 29g. (1) All records, personnel, property, grants, and unexpended balances of appropriations, allocations, and other funds used, held, employed, available, or to be made available to any entity for the activities, powers, duties, functions, and responsibilities vested in the…

Sec. 29h. (1) The Michigan film office shall create and operate the film and digital media production assistance program. The film and digital media production assistance program may provide funds to eligible production companies for direct production expenditures or qualified pe…

Sec. 31. The fund shall establish and operate a center for assistance to private enterprise.

Sec. 32. (1) The center for assistance to private enterprise shall be funded by an account, which shall be established and managed by the fund, to be known as the private enterprise assistance account. (2) The fund shall pay into the account any money appropriated or otherwise pr…

Sec. 33. Subject to the limitations provided by this chapter, the fund may utilize the money held in the private enterprise assistance account to make loans to private enterprise to finance economic development projects within this state which have the potential of creating new j…

Sec. 34. (1) Subject to the limitations provided by this chapter, the fund may utilize the money held in the private enterprise assistance account to make loans or grants to, or invest in, a certified development company under sections 501 to 503 of the small business investment …

Sec. 35. (1) Loans made from the private enterprise assistance account may be used for any purpose consistent with the purposes and objectives of the fund and this chapter including, but not limited to, the acquisition, improvement, or rehabilitation of land and buildings; the ac…

Sec. 36. (1) A loan shall not be made from the private enterprise assistance account for an economic development project pursuant to section 33 unless significant private sector financial support is associated with the economic development project. (2) A loan shall not be made fr…

Sec. 37. The fund shall give paramount priority in making loans from the private enterprise assistance account to economic development projects which have the greatest potential for creating new jobs or retaining current jobs within this state.

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 …

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 tou…

Sec. 41. As used in this chapter, "public work" means the acquisition, construction, or improvement of public works; the acquisition of easements necessary for the public works; the acquisition of real and personal property and interests in real and personal property which are ne…

Sec. 42. The fund shall establish and operate a center for assistance to local government.

Sec. 43. (1) The center for assistance to local government shall be funded by an account, which shall be established and managed by the fund, to be known as the local government assistance account. (2) The fund shall pay into the account any money appropriated or otherwise provid…

Sec. 44. Subject to the limitations provided by this chapter, the fund may utilize money held in the local government assistance account for 1 or more of the following purposes: (a) To make loans to a municipality. (b) To establish a reserve fund to insure or guarantee borrowings…

Sec. 45. Loans, loan insurance, or guarantees provided pursuant to section 44 shall be made only for public works which will assist an economic development project, including those portions of an endeavor devoted to the sale of goods at retail or housing if these portions are ins…

Sec. 46. (1) A loan, loan insurance, or a loan guarantee shall be provided pursuant to section 44 only for public works. (2) A public work financed in whole or in part pursuant to section 44 shall be a public improvement which the municipality is empowered to provide for the publ…

Sec. 47. A municipality is hereby authorized to borrow or contract for loan insurance and loan guarantees from the fund pursuant to this act, notwithstanding any charter provision to the contrary, or other provision of law. Any amount borrowed by a municipality pursuant to this a…

Sec. 48. Loans, loan insurance, or loan guarantees provided from the local government assistance account may be on such terms and conditions as the fund, in its sole discretion, determines to be reasonable, appropriate, and consistent with the purposes and objectives of the fund …

Sec. 49. A loan, loan insurance, or loan guarantee shall not be provided from the local government assistance account unless it is for a public work which will assist an economic development project and unless the fund finds that there is significant private sector financial supp…

Sec. 49a. The fund shall give paramount priority in providing loans, loan insurance, and loan guarantees from the local government assistance account to municipalities whose past borrowing practices evidence the ability and commitment to make timely payment of principal and inter…

Sec. 51. The fund shall establish and operate a center for loan insurance.

Sec. 52. (1) The center for loan insurance shall be funded by an account, which shall be established and managed by the fund, to be known as the loan insurance account. (2) The fund shall pay into the account any money appropriated or otherwise provided by this state for the purp…

Sec. 53. (1) The fund, through the center for loan insurance, may insure, guarantee, or issue letters of credit for all or a part of a loan or debenture of others, public or private. (2) The fund, through the center for loan insurance, may insure, guarantee, or issue letters of c…

Sec. 54. To provide loan insurance pursuant to section 53, the fund may enter into a contract of insurance. The insurance code of 1956, Act No. 218 of the Public Acts of 1956, being sections 500.100 to 500.8302 of the Michigan Compiled Laws, shall not apply to such an insurance c…

Sec. 55. (1) Insurance, guarantees, or letters of credit provided or procured pursuant to section 53 shall be provided or procured only for economic development projects within this state which otherwise are consistent with the purposes and objectives of the fund and this chapter…

Sec. 56. (1) Insurance, guarantees, or letters of credit shall not be provided or procured pursuant to section 53 unless the fund is legally assured that the loans, debentures, or leases insured, or guaranteed, or for which letters of credit are issued, will be used to assist eco…

Sec. 57. The fund may enter into agreements with lenders for participation in the center for loan insurance. The agreements may include, but need not be limited to: (a) Authorization for the lender to determine, collect, and transmit to the fund a fee or premium charge within a s…

Sec. 58. The fund may establish a special fund or funds solely to secure some or all of its obligations within the center for loan insurance into which fees or premiums collected by the fund for loan, debenture, or lease insurance, guarantees, or letters of credit may be deposite…

Sec. 61. As used in this chapter: (a) "MESBIC" means a small business investment company licensed under section 301(d) of the small business investment act of 1958, 15 U.S.C. 681(d). (b) "Minority" means a person who is black, hispanic, oriental, eskimo, or an American Indian. (c…

Sec. 62. The fund shall establish and operate a center for minority venture capital.