December 4, 2008, Introduced by Rep. Coulouris and referred to the Committee on Banking and Financial Services.
A bill to amend 1984 PA 270, entitled
"Michigan strategic fund act,"
(MCL 125.2001 to 125.2094) by adding section 16.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 16. (1) The investment oversight board is created within
the fund. The investment oversight board shall exercise its powers,
duties, and decision-making authority under this section
independently of the fund, the board, and the department of
treasury, except as necessary to carry out the investment oversight
board's investment activities, as specified in subsection (2).
(2) The investment oversight board shall direct the investment
of funds received by the fund under tribal gaming compacts entered
between this state and a federally recognized Indian tribe.
Investments shall be used to provide a direct capital investment.
(3) The investment oversight board shall consist of the
following members:
(a) The state treasurer or his or her designee.
(b) The chief executive officer of the Michigan economic
development corporation or his or her designee.
(c) The commissioner of the department of energy, labor, and
economic growth, office of financial and insurance regulation, or
his or her designee.
(d) A person appointed by the commissioner of the department
of energy, labor, and economic growth, office of financial and
insurance regulation.
(e) Three members appointed by the governor as follows:
(i) One member who represents the interests of the banking
industry.
(ii) One member selected from a list of 2 or more individuals
selected by the speaker of the house of representatives who
represents the interests of small businesses.
(iii) One member selected from a list of 2 or more individuals
selected by the majority leader of the senate who represents the
interests of small businesses.
(4) The commissioner of the department of energy, labor, and
economic growth, office of financial and insurance regulation shall
serve as chairperson of the investment oversight board. The
investment oversight board shall select from among its members, a
member to serve as vice-chairperson and a member to serve as
secretary.
(5) Upon appointment to the investment oversight board under
this section and upon the taking and filing of the constitutional
oath of office prescribed in section 1 of article XI of the state
constitution of 1963, a member shall enter the office and exercise
the duties of the office.
(6) Members of the investment oversight board shall serve
without compensation. Members of the investment oversight board
that are not state employees may be reimbursed for actual and
necessary expenses.
(7) Upon the initial appointment of members under this
section, the investment oversight board shall organize and adopt
its own policies, procedures, schedule of regular meetings, and a
regular meeting date, place, and time.
(8) The investment oversight board may act only by resolution
approved by a majority of the investment oversight board members
appointed and serving. A majority of the members of the investment
oversight board appointed and serving shall constitute a quorum for
the transaction of business. The investment oversight board shall
meet in person or by means of electronic communication devices that
enable all participants in the meeting to communicate with each
other.
(9) The investment oversight board shall conduct all business
at public meetings held in compliance with the open meetings act,
1976 PA 267, MCL 15.261 to 15.275. Public notice of the time, date,
and place of each meeting shall be given in the manner required by
the open meetings act, 1976 PA 267, MCL 15.261 to 15.275, and shall
be published on the fund's internet website.
(10) Financial institutions receiving investments under
subsection (2) shall provide the investment oversight board with
quarterly reports on the status of the investments received.
(11) The investment oversight board shall provide a report to
the senate and house committees on appropriations, the senate and
house fiscal agencies, and the state budget office.