SENATE BILL NO. 522
"Michigan strategic fund act,"
by amending section 9 (MCL 125.2009), as amended by 2021 PA 136; and to repeal acts and parts of acts.
the people of the state of michigan enact:
Sec. 9. (1) The fund shall transmit to each member of the legislature, the governor, the clerk of the house of representatives, the secretary of the senate, and the senate and house fiscal agencies annually a report of its activities. The report shall be transmitted not later than April 10 of each year for activities in the immediately preceding state fiscal year. The report shall not include information exempt from disclosure under section 5. The report shall include, but is not limited to, all of the following for each program operated under this act:
(a) A list of entities that received financial assistance.
(b) The type of project or product being financed.
(c) The amount and type of financial assistance.
(d) For each separate form of financial assistance, all of the following:
(i) The number of new jobs committed or projected when the financial assistance was applied for.
(ii) The number of retained jobs committed or projected when the financial assistance was applied for.
(iii) The actual number of new jobs created that are not temporary employees.
(iv) The actual number of retained jobs that are not temporary employees.
(v) The average annual salary of the new jobs created that are not temporary employees.
(vi) The average annual salary of the retained jobs that are not temporary employees.
(e) The duration of the financial assistance.
(f) The amount of financial support other than state resources.
(g) Money or other revenue or property returned to the fund, including any repayments through a clawback provision in the agreement.
(h) The status of all loans of the fund.
(i) A list of all entities that are in bankruptcy, that the fund has received actual notice of, filed by a direct recipient of an active single incentive of at least $500,000.00. In addition, the fund shall, within 120 days after the fund receives notice, provide a report of the notice of bankruptcy on its website and shall forward the report to each of the following:
(i) The senate majority leader and the senate minority leader.
(ii) The speaker of the house and the house minority leader.
(iii) The members of the house commerce and tourism committee.
(iv) The members of the house appropriations subcommittee on general government.
(v) The members of the senate economic and small business development committee.
(vi) The members of the senate appropriations subcommittee on general government.
(j) A summary of the approximate administrative costs used to administer the programs and activities authorized under this act.
(k) Any other information as required in this section.
(2) The auditor general or a certified public accountant appointed by the auditor general annually shall conduct and remit to the legislature an audit of the fund and, in the conduct of the audit, shall have access to all records of the fund at any time, whether or not confidential. Each audit required by this section shall include a determination of whether the fund is likely to be able to continue to meet its obligations, including a report on the status of outstanding loans and agreements made by the fund.
(3) The fund shall also transmit the audit described in subsection (2) to the chairperson and minority vice-chairperson of the senate appropriations subcommittee on general government and the house of representatives appropriations subcommittee on general government. The fund shall make the report and audit available to the public on the fund's website.
(4) The report described in subsection (1) must also contain all of the following that are related to a 21st century investment made by the fund board under chapter 8A:
(a) The amount of qualified venture capital fund investments, qualified mezzanine fund investments, and qualified private equity fund investments under management in this state, including year-to-year growth.
(b) The value of loan enhancement program investments, qualified private equity fund investments, qualified mezzanine fund investments, and qualified venture capital investments in qualified businesses, including year-to-year growth.
(c) A statement of the amount of money in each loan reserve fund established under the small business capital access program required under chapter 8A.
(5) The report described in subsection (1) must also include, but is not limited to, all of the following for all actions under section 88r:
(a) The total actual amount of qualified investment attracted under section 88r as reported to the fund.
(b) The total actual number of new jobs created under section 88r as reported to the fund.
(c) The actual amount of the grant, loan, or other economic assistance made under section 88r separately for each qualified business verified by the fund.
(d) For each qualified business, whether it is a