Bill Text: MI SB0110 | 2011-2012 | 96th Legislature | Engrossed
Bill Title: State financing and management; funds; distribution of 21st century jobs fund money into funding "Pure Michigan"; provide for. Amends sec. 88b of 1984 PA 270 (MCL 125.2088b).
Spectrum: Partisan Bill (Republican 8-0)
Status: (Engrossed - Dead) 2011-02-22 - Referred To Committee On Natural Resources, Tourism, And Outdoor Recreation [SB0110 Detail]
Download: Michigan-2011-SB0110-Engrossed.html
SB-0110, As Passed Senate, February 22, 2011
SUBSTITUTE FOR
SENATE BILL NO. 110
A bill to amend 1984 PA 270, entitled
"Michigan strategic fund act,"
by amending section 88b (MCL 125.2088b), as amended by 2010 PA 271.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 88b. (1) The fund shall create and operate programs
authorized under this chapter. The fund board shall determine the
annual allocation of money for programs authorized under this
chapter and make authorized expenditures or investments from the
investment fund of the 21st century jobs trust fund created in the
Michigan trust fund act, 2000 PA 489, MCL 12.251 to 12.260, as
authorized under this chapter for programs and activities
authorized under this chapter.
(2) Money transferred or appropriated by law to the fund for
the purposes of carrying out this chapter shall be expended or
invested by the fund as authorized by law for the following
purposes:
(a) 21st century investments.
(b) Grants and loans approved by the commercialization board
under section 88k.
(c) Other programs or activities authorized under this
chapter.
(d) For promotion of tourism in this state. For fiscal year
2010-2011
only, $10,000,000.00 $20,000,000.00
for the promotion of
tourism in this state from funds appropriated in the jobs for
Michigan investment program - 21st century jobs fund line in
section 109 of 2010 PA 191 with not less than $1,500,000.00 to be
used for the 2010-2011 winter advertisement buy. For all funds used
for promotion of tourism in this state under this subdivision, the
fund shall report to the legislature at the same time and in the
same manner as provided in section 89d.
(3) Except for the appropriations described in section 88j(3)
and as otherwise provided in section 88q, for fiscal years other
than the 2008-2009 and 2009-2010 fiscal years the fund board shall
not expend more than the following amounts each year from the 21st
century jobs trust fund created in the Michigan trust fund act,
2000 PA 489, MCL 12.251 to 12.260, for the following purposes:
(a) 25% for the loan enhancement program.
(b) 40% for the private equity investment program, the venture
capital investment program, and the mezzanine investment program
combined.
(c) 70% for competitive edge technology grants and loans under
section 88k. The commercialization board shall not authorize the
expenditure of more than $100,000,000.00 of the amount described in
this subdivision for basic research over the life of the program.
(4) Not more than 4% of the annual appropriation as provided
by law from the 21st century jobs trust fund created in the
Michigan trust fund act, 2000 PA 489, MCL 12.251 to 12.260, may be
used for the purposes of administering the programs and activities
authorized under this chapter. However, the fund and the fund board
shall not use more than 3% of the annual appropriation for
administering the programs and activities authorized under this
chapter unless the fund board by a 2/3 vote authorizes the
additional 1% for administration.
(5) Not more than 5% of the annual appropriation as provided
by law from the 21st century jobs trust fund created in the
Michigan trust fund act, 2000 PA 489, MCL 12.251 to 12.260, may be
used for business development and business marketing costs. Not
less than 80% of the funds committed for business development and
business marketing costs shall be targeted to persons or entities
outside of this state. No funds may be used for any business
development and business marketing effort that includes a reference
to or the image or voice of an elected state officer or a candidate
for elective state office and that is targeted to a media market in
Michigan. The fund board shall select all vendors for all marketing
expenditures under this chapter by issuing a request for proposal.
At a minimum, the request for proposal shall require the responding
entities to disclose any conflict of interest, disclose any
criminal convictions, disclose any investigations by the internal
revenue service or any other federal or state taxing body or court,
disclose any pertinent litigation regarding the conduct of the
entity, and maintain records and evidence pertaining to work
performed. The fund board shall establish a standard process to
evaluate proposals submitted as a result of a request for proposal
and appoint a committee to review the proposals. The fund or the
fund board shall not appoint or designate any person paid or unpaid
to a committee to review proposals if that person has a conflict of
interest with any potential vendors as determined by the office of
the chief compliance officer established in section 88i.
(6) The fund shall not use any money appropriated or
transferred for purposes authorized under this chapter to acquire
interests in or improve real property. The restriction under this
subsection applies only to the fund and not to recipients of
expenditures or investments under this chapter.
