Sec. 55.
(1) Insurance, guarantees, or letters of credit provided or procured pursuant to section 53 shall be provided or procured only for economic development projects within this state which otherwise are consistent with the purposes and objectives of the fund and this chapter, including the requirements of section 12.
(2) The fund shall give paramount priority in providing or procuring insurance, guarantees, and letters of credit to economic development projects which have the greatest potential for creating new jobs or retaining current jobs within this state.
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)
270-1984-5 - Chapter 5 (125.2051...125.2058)
Section 125.2051 - Center for Loan Insurance; Establishment and Operation.
Section 125.2052 - Loan Insurance Account; Payments Into Accounts; Transfer of Money.
Section 125.2053 - Powers of Fund Through Center for Loan Insurance.
Section 125.2054 - Contract of Insurance.
Section 125.2055 - Insurance, Guarantees, or Letters of Credit; Limitation; Paramount Priority.