Bill Text: MI HB4482 | 2013-2014 | 97th Legislature | Introduced
Bill Title: Economic development; Michigan strategic fund; powers and duties; modify. Amends sec. 7 of 1984 PA 270 (MCL 125.2007).
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2014-12-31 - Assigned Pa 454'14 With Immediate Effect 2014 Addenda [HB4482 Detail]
Download: Michigan-2013-HB4482-Introduced.html
HOUSE BILL No. 4482
March 20, 2013, Introduced by Rep. Foster and referred to the Committee on Commerce.
A bill to amend 1984 PA 270, entitled
"Michigan strategic fund act,"
by amending section 7 (MCL 125.2007), as amended by 2005 PA 225.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 7. The fund shall have the powers and duties provided in
this act, the powers delegated by other laws or executive orders,
including, but not limited to, the power to:
(a) Sue and be sued; to have a seal and alter the same at
pleasure; to have perpetual succession; to make, execute, and
deliver contracts, conveyances, and other instruments necessary or
convenient to the exercise of its powers; and to make and amend
bylaws.
(b) Solicit and accept gifts, grants, loans, and other aids
from any person or the federal, state, or a local government or any
agency of the federal, state, or a local government, or to
participate in any other way in any federal, state, or local
government program.
(c) Make grants, loans, and investments; to guarantee and
insure loans, leases, bonds, notes, or other indebtedness, whether
public or private; and to issue letters of credit.
(d) Construct; acquire by gift, purchase, installment
purchase, or lease; and reconstruct, improve, repair, or equip a
project or any part of a project.
(e) Borrow money and issue bonds and notes to finance part or
all of the project costs of a project, or of a loan under
subdivision (r) for an export transaction, and to secure those
bonds and notes by mortgage, assignment, or pledge of any of its
money, revenues, income, and properties. The authority provided by
this subdivision includes, but is not limited to, issuing bonds and
notes to acquire and install machinery, equipment, furnishings, and
other personal property, notwithstanding that the fund does not own
or propose to own or finance the building or land in or near to
which the machinery, equipment, furnishings, and other personal
property is or is to be located.
(f) Acquire or contract to acquire from any person,
municipality, the federal or state government, or any agency of the
foregoing, or otherwise, leaseholds, real or personal property or
any interest in real or personal property; to own, hold, clear,
improve, and rehabilitate and to sell, assign, exchange, transfer,
convey, lease, mortgage, or otherwise dispose of or encumber
leaseholds, real or personal property or any interest in real or
personal property, as is convenient for the accomplishment of the
purposes of this act and of the fund.
(g) Procure insurance against any loss in connection with the
fund's property, assets, or activities.
(h) Invest any money of the fund at the fund's discretion, in
any obligations determined proper by the fund, and name and use
depositories for its money.
(i) Engage personnel as is necessary and engage the services
of private consultants, managers, counsel, auditors, engineers, and
scientists for rendering professional management and technical
assistance and advice, payable out of any money of the fund legally
available for this purpose.
(j) Charge, impose, and collect fees and charges in connection
with any transaction and provide for reasonable penalties for
delinquent payment of fees or charges.
(k) Indemnify and procure insurance indemnifying any members
of the board from personal loss or accountability from liability
asserted by a person on the bonds or notes of the fund or from any
personal liability or accountability by reason of the issuance of
the bonds, notes, insurance, or guarantees; by reason of
acquisition, construction, ownership, or operation of a project; or
by reason of any other action taken or the failure to act by the
fund.
(l) Enter into a lease for the use or sale of a project. The
lease may provide for options to purchase or renew.
(m) Mortgage or create security interests in a project or any
part of a project, or in a lease or loan, or in the rents,
revenues, or sums to be paid thereunder, in favor of the holders of
the bonds or notes issued by the fund.
(n) Convey or release a project or any part of a project to a
lessee, purchaser, or borrower under any agreement after provision
has been made for the retirement in full of the bonds or notes
issued for that project under terms and conditions provided in the
agreement or as may be agreed with the holders of the bonds or
notes, at any time where the obligation of the lessee, purchaser,
or borrower to make the payments prescribed shall remain fixed as
provided in the agreement notwithstanding the conveyance or
release, or as may otherwise be agreed with the holders of the
bonds or notes.
(o) Make loans, participate in the making of loans, undertake
commitments to make loans and mortgages, buy and sell loans and
mortgages at public or private sale, rewrite loans and mortgages,
discharge loans and mortgages, foreclose on a mortgage, commence an
action to protect or enforce a right conferred upon the fund by a
law, mortgage, loan, contract, or other agreement, bid for and
purchase property which was the subject of the mortgage at a
foreclosure or other sale, acquire or take possession of the
property and in that event complete, administer, pay the principal
and interest on obligations incurred in connection with that
property, and dispose of and otherwise deal with the property, in a
manner as may be necessary or desirable to protect the interests of
the fund.
(p) Certify, for the purpose of determining eligible
investments for the basis of a single business tax credit, minority
venture capital companies, as defined by law.
(q) Except as otherwise provided in this subdivision, to
create and operate centers, accounts, and funds as required or
permitted by law for the use and disbursement of assets of the
fund. The powers granted under this subdivision do not apply to
chapter 8A.
(r)
To make Make loans to a financial institution to
facilitate financing of all or part of an export related
transaction including, but not limited to, pre-export working
capital financing and postexport receivable financing.
(s) Procure goods and services, purchase and sell real and
personal property, and lease property independent of any other
department or state agency.
(t) Appoint individuals to private or independent boards to
represent the interests of the fund.
(u) Establish a program where entities can invest in and
collect a return on investment in programs, projects, economic
development projects, investments, or investment funds or other
programs or ventures described in this act.
(v) Establish and operate a job training fund that will
support the training of workers for Michigan businesses as
determined by the fund.
(w) Establish and operate a community revitalization
investment program that providers capital for projects as
determined by the fund.
(x) (s)
Do all other things necessary or
convenient to achieve
the objectives and purposes of the fund, this act, or other laws
that relate to the purposes and responsibilities of the fund.
