The bill amends the Michigan Strategic Fund Act by modifying Section 7 and adding a new Section 7c. The amendments clarify the powers and duties of the Michigan Strategic Fund, allowing it to engage in various financial activities such as issuing bonds, making loans, and acquiring property. Notably, the bill introduces a stipulation that the fund cannot disburse money for economic incentives if it is delinquent in submitting required reports to the legislature. This provision aims to ensure accountability and compliance with legislative requirements.

Additionally, the new Section 7c outlines specific conditions under which the fund may disburse economic incentives. It states that if the fund enters into or amends a written agreement for an economic incentive after the effective date of this amendment, it must include a clause that prohibits disbursement if the fund is delinquent in its reporting obligations. The section also defines key terms such as "economic incentive" and "legislatively required report," ensuring clarity in the application of these provisions.

Statutes affected:
House Introduced Bill: 125.2007