The bill amends the Michigan Trust Fund Act by establishing the strategic outreach and attraction reserve fund within the Department of Labor and Economic Opportunity. It mandates that the state treasurer deposit funds from state appropriations and other sources into this reserve fund, with the stipulation that interest and earnings from these investments also be added to the fund. Notably, the bill specifies that money in the fund that is restricted, obligated, or committed at the end of the fiscal year will remain in the fund and will not lapse to the general fund, except as provided in the Michigan Strategic Fund Act.

Additionally, the bill outlines that expenditures from the strategic outreach and attraction reserve fund can only occur through appropriations authorized by law or legislative transfers for specific programs, namely the critical industry program and the Michigan strategic site readiness program. The Department of Labor and Economic Opportunity is designated as the administrator of the fund and is required to report annually to various legislative and executive stakeholders on the fund's activities. The enactment of this bill is contingent upon the passage of House Bill No. 4771.

Statutes affected:
House Introduced Bill: 12.254