September 03, 2020, Introduced by Reps. Cambensy, Chirkun, Inman, Elder, LaFave, Hood, Rabhi, Sneller, Gay-Dagnogo and O'Malley and referred to the Committee on Commerce and Tourism.

A bill to amend 1855 PA 105, entitled

"An act to regulate the disposition of the surplus funds in the state treasury; to provide for the deposit of surplus funds in certain financial institutions; to lend surplus funds pursuant to loan agreements secured by certain commercial, agricultural, or industrial real and personal property; to authorize the loan of surplus funds to certain municipalities; to authorize the participation in certain loan programs; to authorize an appropriation; and to prescribe the duties of certain state agencies,"

(MCL 21.141 to 21.147) by adding section 2g.

the people of the state of michigan enact:

Sec. 2g. (1) The state treasurer may invest surplus funds held by the state treasurer in loans to a nonprofit sports commission for the purpose of facilitating the development of recreational activities in this state.

(2) A loan under this section must not be for a period of more than 10 years. The terms of the loan, including the rate of interest, will be as prescribed by the state treasurer.

(3) A loan under this section is found and declared to be for a valid public purpose.

(4) The aggregate amount of loans under this section must not exceed $30,000,000.00 at any 1 time.

(5) As used in this section:

(a) "Nonprofit sports commission" means a nonprofit corporation that has received financial support from the general fund of this state and that is organized for all of the following purposes:

(i) Fostering local, regional, national, and international sports competitions in this state.

(ii) Promoting northern Michigan, including the Upper Peninsula and the northern part of the Lower Peninsula, as a premier destination for athletic competition and recreational opportunities because of the strategic assets that region of this state has to offer.

(iii) Enhancing the economy and quality of life in that region.

(iv) Communicating information about sports, tourism, and recreation industries near the Great Lakes in northern Michigan and promoting industry viewpoints to others, including the general public.

(v) Initiating, promoting, and sponsoring events related to sports, tourism, and recreation industries near the Great Lakes in northern Michigan.

(b) "Surplus funds" means, on any given date, the excess of cash and other recognized assets that are expected to be resolved into cash or its equivalent in the natural course of events and with a reasonable certainty, over the liabilities and necessary reserves on that date.