March 2, 2010, Introduced by Rep. McDowell and referred to the Committee on Tourism, Outdoor Recreation and Natural Resources.
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,"
by amending sections 2f and 7 (MCL 21.142f and 21.147), section 2f
as added by 2003 PA 262 and section 7 as amended by 2000 PA 280.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 2f. (1) The state treasurer may invest surplus funds in
loans to a land bank fast track authority or a brownfield
redevelopment authority at the market rate of interest, as
determined by the state treasurer, for the purpose of clearing or
quieting title to tax reverted property held by or under the
control of an authority or for any other purpose that the land bank
fast track authority or brownfield redevelopment authority is
authorized to undertake with respect to property transferred to a
land bank fast track authority or over which a land bank fast track
authority may exercise its authority.
(2) A loan made to a land bank fast track authority or a
brownfield redevelopment authority under this section shall not be
for
a period term of more than 10 years as determined by the state
treasurer. All other terms of the loan, including security required
for the loan, if any, shall be prescribed by the state treasurer.
(3) As used in this section:
(a) "Brownfield redevelopment authority" means an authority
created under the brownfield redevelopment financing act, 1996 PA
381, MCL 125.2651 to 125.2672.
(b) "Land bank fast track authority" means an authority
created under the land bank fast track act, 2003 PA 258, MCL
124.751 to 124.774.
(c) "Tax reverted property" means that term as defined in the
land bank fast track act.
Sec. 7. As used in this act:
(a) "Commissioner" means the commissioner of the office of
financial
and insurance services of the department of consumer and
industry
services energy, labor, and
economic growth.
(b) "Deposit" includes the purchase of, or investment in,
shares of credit unions.
(c) Except as otherwise provided by this subdivision,
"financial institution" means a state or nationally chartered bank
or a state or federally chartered savings and loan association,
savings bank, or credit union whose deposits are insured by an
agency of the United States government and which maintains a
principal office or branch office located in this state under the
laws of this state or the United States. For the purpose of
repurchase agreements, "financial institution" means a state or
nationally chartered bank or state or federally chartered savings
and loan association, savings bank, or credit union whose deposits
are insured by an agency of the United States government under the
laws of this state or the United States.