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 and is responsible for conducting audits.

Additionally, the bill specifies 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. Furthermore, the department is required to provide an annual report on the fund's activities to various legislative and executive stakeholders by March 15 each year. The enactment of this bill is contingent upon the passage of House Bill No. 4771.

Statutes affected:
House Introduced Bill: 12.254