The bill amends the Michigan Strategic Fund Act by revising Section 9, which outlines the reporting requirements for the fund. It mandates that the fund must provide an annual report to various legislative and executive officials by April 10 each year, detailing its activities from the previous fiscal year. The report must include comprehensive information about financial assistance provided, including the entities receiving aid, job creation and retention statistics, financial support from other sources, and the status of loans. Additionally, it requires the fund to report on specific investment activities, tourism promotion efforts, and community revitalization projects, while also ensuring transparency by making these reports publicly available on the fund's website.

The bill also includes the repeal of sections related to the critical industry program and the Michigan strategic site readiness program, which are no longer required to be reported. Furthermore, it clarifies the definition of "financial assistance" and stipulates that the enactment of this amendment is contingent upon the passage of another related Senate Bill. Overall, the bill aims to enhance accountability and transparency in the operations of the Michigan Strategic Fund by expanding the scope and detail of required reporting.

Statutes affected:
Senate Introduced Bill: 125.2009