Sec. 36.
(1) A loan shall not be made from the private enterprise assistance account for an economic development project pursuant to section 33 unless significant private sector financial support is associated with the economic development project.
(2) A loan shall not be made from the private enterprise assistance account pursuant to section 34 unless the fund is legally assured that the money will be used to assist economic development projects which also will have significant private sector financial support.
History: 1984, Act 270, Eff. Mar. 29, 1985 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)
270-1984-3 - Chapter 3 (125.2031...125.2037)
Section 125.2031 - Center for Assistance to Private Enterprise; Establishment and Operation.
Section 125.2032 - Private Enterprise Assistance Account; Payments Into Account; Transfer of Money.
Section 125.2033 - Loans, Limitations.
Section 125.2034 - Loans, Grants, or Investments; Limitations; Condition.
Section 125.2035 - Loans; Use; Recipients; Terms and Conditions.
Section 125.2036 - Loan for Economic Development Project; Legal Assurance as to Use of Money.