SB-1169, As Passed Senate, May 4, 2006
SUBSTITUTE FOR
SENATE BILL NO. 1169
A bill to amend 2000 PA 322, entitled
"Julian-Stille value-added act,"
(MCL 285.301 to 285.304) by adding section 2a.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 2a. (1) The agricultural development fund is created as a
revolving fund within the department of treasury to be administered
by the department. The state treasurer shall direct the investment
of the fund. Money in the fund at the close of the fiscal year
shall remain in the fund and shall not lapse to the general fund.
The department may utilize up to 4% of the fund for administrative
purposes. The state treasurer shall credit to the fund money from
the following sources:
(a) Appropriations.
(b) Money or other assets from any source for deposit into the
fund, including federal money, other state revenues, gifts,
bequests, or donations, as well as money from any other source
provided by law.
(c) Any money representing loan repayments and interest on the
loans.
(2) Of the money appropriated during fiscal year 2005-2006
from the 21st century jobs trust fund, not more than 50% shall be
used for grants and the remaining shall be used for loans and loan
guarantees. Not less than 50% of the fund shall be awarded as
grants or used for loans and loan guarantees for specialty crops or
products derived from specialty crops. The maximum grant from the
fund shall not exceed $250,000.00. The maximum loan or loan
guarantee supported by the fund shall not exceed $500,000.00.
(3) Upon request from the commission of agriculture, the state
treasurer shall invest the money in the agricultural development
fund in a manner similar to the qualified agricultural loan program
established in section 2a of 1855 PA 105, MCL 21.142a, as provided
in section 2.
Enacting section 1. This amendatory act does not take effect
unless all of the following bills of the 93rd Legislature are
enacted into law:
(a) Senate Bill No. 1167.
(b) Senate Bill No. 1168.