The bill amends the Michigan Strategic Fund Act by updating Section 9, which outlines the reporting requirements for the fund. It mandates that the fund must provide an annual report to various state officials and agencies by April 10 each year, detailing its activities from the previous fiscal year. The report must include comprehensive information on financial assistance provided, including the entities receiving aid, job creation and retention statistics, financial support from other sources, and the status of loans. Additionally, the fund is required to report on specific investment activities, tourism promotion efforts, and community revitalization projects, ensuring transparency and accountability in its operations.

Furthermore, the bill repeals sections related to the critical industry program and the Michigan strategic site readiness program, streamlining the reporting process. It also clarifies the definition of "financial assistance" and emphasizes the need for cooperation with the Department of Treasury in preparing related reports. The enactment of this bill is contingent upon the passage of Senate Bill No. 486, indicating a coordinated legislative effort to enhance the effectiveness and oversight of the Michigan Strategic Fund.

Statutes affected:
Senate Introduced Bill: 125.2009