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 any restricted, obligated, or committed money at the end of the fiscal year will remain in the fund and not lapse to the general fund. The department is designated as the administrator of the fund, which can only be expended for specific programs related to critical industries and site readiness, as outlined in the Michigan Strategic Fund Act.

Additionally, the bill requires the Department of Labor and Economic Opportunity to provide an annual report by March 15 to various legislative and executive stakeholders detailing the activities of the Strategic Outreach and Attraction Reserve Fund. The enactment of this bill is contingent upon the passage of House Bill No. 4771.

Statutes affected:
House Introduced Bill: 12.254