March 25, 2010, Introduced by Senator ALLEN and referred to the Committee on Finance.
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 loan not more than
$9,500,000.00 in surplus funds to the Michigan strategic fund
established under the Michigan strategic fund act, 1984 PA 270, MCL
125.2001 to 125.2094. All of the following shall apply to a loan
under this section:
(a) Proceeds of the loan shall be deposited in the Michigan
promotion fund described in section 39 of the Michigan strategic
fund act, 1984 PA 270, MCL 125.2039, and shall be used for the
purposes and activities of the Michigan promotion fund authorized
by law.
(b) The state treasurer shall not make a loan under this
section unless the state treasurer determines that proceeds of a
state assessment imposed under the Michigan promotion assessment
act on persons leasing or renting a motor vehicle will be available
in sufficient amounts for repayment of the loan.
(c) The loan shall be payable within a period of not more than
5 years.
(2) The state treasurer may prescribe additional terms of a
loan issued under this section.