Sec. 90q.
(1) The fund shall charge an annual fee of 0.5% of the investment authority authorized for that rural jobs and capital investment fund.
(2) The initial annual fee is due and payable to the fund within 1 business day of receipt of a grant, loan, or other type of economic assistance. After the initial annual fee, an annual fee is due and payable to the fund on or before that last day of February of each year.
(3) An annual fee is not required once a rural jobs and capital investment fund has exited the program in accordance with this chapter.
History: Add. 2018, Act 423, Imd. Eff. Dec. 20, 2018 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)
270-1984-8E - Chapter 8e (125.2090l...125.2090r)
Section 125.2090l - Definitions.
Section 125.2090m - Rural Jobs and Capital Investment Fund; Application; Qualifications; Duties.
Section 125.2090o - Demand for Repayment; Conditions; Growth Investments; Notification.
Section 125.2090p - Annual Report; Compliance.
Section 125.2090q - Annual Fee.
Section 125.2090r - Withdrawal From Rural Jobs and Capital Investment Program.