August 4, 2004, Introduced by Reps. Rivet, Meyer and Sheltrown and referred to the Committee on Agriculture and Resource Management.
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 21.142 to 21.147) by adding section 2g.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 2g. (1) Beginning 90 days after the effective date of
2 this section, the state treasurer may grant not more than
3 $5,000,000.00 in surplus funds to sugar beet growers'
4 cooperatives for the purpose of purchasing the assets of 1 or
5 more agricultural processors if both of the following conditions
6 are met:
7 (a) The agricultural processor employs at least 300 full-time
1 employees and 1,000 seasonal employees.
2 (b) The grant amount does not exceed 10% of the total
3 purchase price of the agricultural processor's assets.
4 (2) In addition to the conditions provided in subsection (1),
5 the state treasurer may by rule prescribe additional terms of a
6 grant issued under this section. A loan under section 2e may be
7 converted to a grant under this section.
8 (3) A sugar beet growers' cooperative that wishes to apply
9 for a grant under this section shall submit a grant application
10 to the state treasurer before January 1, 2006.
11 (4) As used in this section, "sugar beet growers'
12 cooperative" means a farmer owned cooperative comprised of sugar
13 beet growers who own the assets of the cooperative and use the
14 cooperative's services or processing equipment.