Sec. 13.
The total debt owed to the fund, excluding rights and royalties under a venture capital agreement or obligations to the fund resulting from an industrial development revenue bond or note, in relation to any 1 project shall at no time exceed 5% of the total assets of the fund, except that upon approval by a 2/3 vote of the board this amount may be increased to not to exceed 10% of the assets of the fund. This section does not apply to a program or activity authorized under chapter 8A.
History: 1984, Act 270, Eff. Mar. 29, 1985 ;-- Am. 1987, Act 278, Imd. Eff. Jan. 6, 1988 ;-- Am. 2005, Act 225, Imd. Eff. Nov. 21, 2005 Popular Name: Strategic Fund
Structure Michigan Compiled Laws
Chapter 125 - Planning, Housing, and Zoning
Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094)
270-1984-1 - Chapter 1 (125.2001...125.2014)
Section 125.2001 - Legislative Finding and Declaration.
Section 125.2002 - Purposes of Act.
Section 125.2003 - Short Title.
Section 125.2004 - Definitions.
Section 125.2007 - Powers and Duties of Fund.
Section 125.2007a - Compliance With Divestment From Terror Act.
Section 125.2007b - Advisory Committee; Projects Relating to Port Facilities; Recommendations.
Section 125.2008 - Evaluation Procedures; Priorities; Targets.
Section 125.2010 - Applicability of Limitation or Restriction.
Section 125.2011 - Request for Assistance; Approval or Disapproval; Reconsideration.
Section 125.2012 - Private Sector Financial Support; Associated Transactions.
Section 125.2012a - Loan, Loan Insurance, or Guarantee for Public Work; Requirements.