HB-4196, As Passed House, November 4, 2015HB-4196, As Passed Senate, October 29, 2015

SENATE SUBSTITUTE FOR

HOUSE BILL NO. 4196

     A bill to amend 2003 PA 296, entitled

"Michigan early stage venture investment act of 2003,"

by amending section 31 (MCL 125.2261).

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     Sec. 31. The fund created in section 19 shall expire on

January 1, 2054. 2030. Any money in the fund, subject to all

outstanding debts and obligation of the Michigan early stage

venture investment corporation being defeased and satisfied, shall

be distributed as provided in the Michigan early stage venture

investment corporation's articles of incorporation or amendments to

those articles of incorporation transferred to the general fund of

this state on that date.with the first $140,000,000.00 going to the

general fund of this state and any remaining going to the 21st

century jobs trust fund established in section 7 of the Michigan

trust fund act, 2000 PA 489, MCL 12.257.

     Enacting section 1. This amendatory act does not take effect

unless all of the following bills of the 98th Legislature are

enacted into law:

     (a) House Bill No. 4195.

     (b) House Bill No. 4365.