| 1 | 1 | | SENATE BILL NO. 1015 A bill to amend 1984 PA 270, entitled "Michigan strategic fund act," by amending section 4 (MCL 125.2004), as amended by 2020 PA 358, and by adding section 7c. the people of the state of michigan enact: Sec. 4. As used in this act: (a) "Board" means the board of directors of the Michigan strategic fund, except where the context clearly requires a different definition. (b) "Economic development project" means, subject to both of the following provisions, an endeavor related to industrial, commercial, or agricultural enterprise: . (i) Economic development project includes, but is not limited to, a all of the following: (A) A theme or recreation park. ; agricultural (B) Agricultural or forestry production, harvesting, storage, or processing facilities or equipment. ; port (C) Port facilities. ; and the (D) The use of equipment or facilities designed to produce energy from renewable resources. (ii) Economic development project does not include that either of the following: (A) That portion of an endeavor devoted to the sale of goods at retail, except that, as used in relation to the fund insuring a transaction entered into by a depository institution, and as used in relation to a loan by the fund to a minority owned business, an economic development project may include that portion of an endeavor devoted to the sale of goods at retail. Economic development project does not include that (B) That portion of an endeavor devoted to housing or a program or activity authorized under chapter 8A. (c) "Financial institution" means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government and that maintains a principal office or branch office in this state under the laws of this state or the United States. (d) "Fund" means the Michigan strategic fund created under section 5, except where the context clearly requires a different definition. (e) "FWC Qualified Settlement Fund" means the FWC Qualified Settlement Fund described in the settlement agreement approved by the court in In re Flint Water Cases, No. 5:16-cv-10444-JEL-MKM (ED Mich). (f) "Green chemistry" means chemistry and chemical engineering to design chemical products or processes that reduce or eliminate the use or generation of hazardous substances, while producing high-quality products through safe and efficient manufacturing processes. Green chemistry is guided by the following 12 principles: (i) Prevent waste: Design chemical syntheses to prevent waste, leaving no waste to treat or clean up. (ii) Design safer chemicals and products: Design chemical products to be fully effective, yet have little or no toxicity. (iii) Design less hazardous chemical syntheses: Design syntheses to use and generate substances with little or no toxicity to humans and the environment. (iv) Use renewable feedstocks: Use raw materials and feedstocks that are renewable rather than depleting. Renewable feedstocks are often made from agricultural products or are the wastes of other processes. ; depleting Depleting feedstocks are made from fossil fuels, including petroleum, natural gas, or coal, or are mined. (v) Use catalysts, not stoichiometric reagents: Minimize waste by using catalytic reactions. Catalysts are used in small amounts and can carry out a single reaction many times. They are preferable to stoichiometric reagents, which are used in excess and work only once. (vi) Avoid chemical derivatives: Avoid using blocking or protecting groups or any temporary modifications if possible. Derivatives use additional reagents and generate waste. (vii) Maximize atom economy: Design syntheses so that the final product contains the maximum proportion of the starting materials. There should be few, if any, wasted atoms. (viii) Use safer solvents and reaction conditions: Avoid using solvents, separation agents, or other auxiliary chemicals. If these chemicals are necessary, use innocuous chemicals. (ix) Increase energy efficiency: Run chemical reactions at ambient temperature and pressure whenever if possible. (x) Design chemicals and products to degrade after use: Design chemical products to break down to innocuous substances after use so that they do not accumulate in the environment. (xi) Analyze in real-time to prevent pollution: Include in-process real-time monitoring and control during syntheses to minimize or eliminate the formation of by-products. (xii) Minimize the potential for accidents: Design chemicals and their forms, including solid, liquid, or gas, to minimize the potential for chemical accidents, including explosions, fires, and releases to the environment. (g) "Michigan economic development corporation" or "MEDC" means the Michigan economic development corporation, the public body corporate created under section 28 of article VII of the state constitution of 1963 and the urban cooperation act of 1967, 1967 (Ex Sess) PA 7, MCL 124.501 to 124.512, by a contractual interlocal agreement effective April 5, 1999, and subsequently amended, between local participating economic development corporations formed under the economic development corporations act, 1974 PA 338, MCL 125.1601 to 125.1636, and the fund. (h) "Municipality" means a county, city, village, township, port district, development organization, institution of higher education, community or junior college, or subdivision or instrumentality of any of the legal entities listed in this subdivision. (i) "Person" means an individual, sole proprietorship, partnership, limited partnership, limited liability partnership, limited liability company, joint venture, profit or nonprofit corporation including a public or private college or university, public utility, municipality, local industrial development corporation, economic development corporation, other association of persons organized for agricultural, commercial, or industrial purposes, a lender, or any other entity approved by the board. (j) "Port facilities" means seawall any of the following, except that port facilities does not include an international bridge or international tunnel: (i) Seawall jetties. ; piers; wharves; docks; boat (ii) Piers. (iii) Wharves. (iv) Docks. (v) Boat landings. ; marinas; warehouses; storehouses; elevators; grain (vi) Marinas. (vii) Warehouses. (viii) Storehouses. (ix) Elevators. (x) Grain bins. ; cold (xi) Cold storage plants. ; bunkers; oil (xii) Bunkers. (xiii) Oil tanks. ; ferries; canals; locks; bridges; tunnels; seaways; conveyors; modern (xiv) Ferries. (xv) Canals. (xvi) Locks. (xvii) Bridges. (xviii) Tunnels. (xix) Seaways. (xx) Conveyors. (xxi) Modern appliances for the economical handling, storage, and transportation of freight and handling of passenger traffic. ; transfer (xxii) Transfer and terminal facilities required for the efficient operation and development of ports and harbors. ; other (xxiii) Other harbor improvements. ; or improvements, (xxiv) Improvements, enlargements, remodeling, or extensions of any of these the buildings or structures described in subparagraphs (i) to (xxiii). Port facilities do not include an international bridge or international tunnel. (k) "Project" means an economic development project and, in addition, means the includes all of the following, except that project does not include a program or activity authorized under chapter 8A: (i) The acquisition, construction, reconstruction, conversion, or leasing of an industrial, commercial, retail, agricultural, or forestry enterprise, or any part of these, to carry out the purposes and objectives of this act and of the fund, including, but not limited to, acquisition of land or interest in land, buildings, structures, or other planned or existing planned improvements to land including leasehold improvements, machinery, equipment, or furnishings which include, but are not limited to, all of the following: research (A) Research parks. ; office (B) Office facilities. ; engineering (C) Engineering facilities. ; research (D) Research and development laboratories. ; warehousing (E) Warehousing facilities. ; parts (F) Parts distribution facilities. ; depots (G) Depots or storage facilities. ; port (H) Port facilities. ; railroad (I) Railroad facilities, including trackage, right of way, and appurtenances. ; airports; bridges (J) Airports. (K) Bridges and bridge facilities. ; water (L) Water and air pollution control equipment or waste disposal facilities. ; theme (M) Theme or recreational parks. ; equipment (N) Equipment or facilities designed to produce energy from renewable resources. ; farms, (O) Farms, ranches, forests, and other agricultural or forestry commodity producers. ; agricultural (P) Agricultural harvesting, storage, transportation, or processing facilities or equipment. ; grain (Q) Grain elevators. ; shipping (R) Shipping heads and livestock pens. ; livestock; warehouses; wharves (S) Livestock. (T) Warehouses. (U) Wharves and dock facilities. ; dredging (V) Dredging of recreational or commercial harbors. ; water, (W) Water, electricity, hydro electric, hydroelectric, coal, petroleum, or natural gas provision facilities. ; dams (X) Dams and irrigation facilities. ; sewage, (Y) Sewage, liquid, and solid waste collection, disposal treatment, and drainage services and facilities. Project also includes the (ii) The resolution and settlement of pending claims and assisting to alleviate health issues of Michigan citizens through a loan to the Special Purpose FWC Settlement Entity, which entity may use those loan proceeds only to pay the expenses, costs, and fees associated with the Special Purpose FWC Settlement Entity, to reimburse this state for its initial $5,000,000.00 payment to the FWC Qualified Settlement Fund, and to pay the FWC Qualified Settlement Fund. Project does not include a program or activity authorized under chapter 8A. (l) "Private sector" means other than the fund, a state or federal source, or an agency of a state or the federal government. (m) "Special Purpose FWC Settlement Entity" means the Special Purpose FWC Settlement Entity described in the settlement agreement approved by the court in In re Flint Water Cases, No. 5:16-cv-10444-JEL-MKM (ED Mich). (n) "UFLPA entity list" means the consolidated register of the lists required to be developed and maintained under section 2(d)(2)(B) of the Uyghur forced labor prevention act. (o) "Uyghur forced labor prevention act" means Public Law 117-78. Sec. 7c. (1) Notwithstanding anything to the contrary in this act, the fund shall not provide a grant, loan, or other economic assistance to a person on the UFLPA entity list. (2) A written agreement that is executed or amended after the effective date of the amendatory act that added this section must include a provision that if the person with whom the agreement is made is added to the UFLPA entity list, all of the following apply: (a) The person forfeits any future payments under the written agreement. (b) The person shall reimburse the fund for 100% of any payments already received under the written agreement plus a 10% penalty. (c) After the person reimburses the fund and pays the penalty in satisfaction of subdivision (b), the written agreement is terminated. (3) Not later than 90 days after the effective date of the amendatory act that added this section, the fund shall amend all existing written agreements to include a provision that if the person with whom the agreement is made is added to the UFLPA entity list, all of the following apply: (a) The person forfeits any future payments under the written agreement. (b) The person shall reimburse the fund for 100% of any payments already received under the written agreement plus a 10% penalty. (c) After the person reimburses the fund and pays the penalty in satisfaction of subdivision (b), the written agreement is terminated. (4) If an existing written agreement is not amended as required under subsection (3), both of the following apply: (a) The written agreement is against public policy and is void and unenforceable. (b) The fund shall not disburse any money under the written agreement. (5) As used in this section: (a) "Existing written agreement" means a written agreement that was executed before the effective date of the amendatory act that added this section and that has not expired as of the effective date of the amendatory act that added this section. (b) "Written agreement" means an agreement to provide a grant, loan, or other economic assistance to a person to which the fund is a party. |
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| 25 | 25 | | SENATE BILL NO. 1015 |
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| 26 | 26 | | |
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| 27 | 27 | | |
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| 28 | 28 | | |
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| 29 | 29 | | A bill to amend 1984 PA 270, entitled |
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| 30 | 30 | | |
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| 31 | 31 | | "Michigan strategic fund act," |
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| 32 | 32 | | |
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| 33 | 33 | | by amending section 4 (MCL 125.2004), as amended by 2020 PA 358, and by adding section 7c. |
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| 34 | 34 | | |
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| 35 | 35 | | the people of the state of michigan enact: |
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| 36 | 36 | | |
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| 37 | 37 | | Sec. 4. As used in this act: |
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| 38 | 38 | | |
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| 39 | 39 | | (a) "Board" means the board of directors of the Michigan strategic fund, except where the context clearly requires a different definition. |
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| 40 | 40 | | |
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| 41 | 41 | | (b) "Economic development project" means, subject to both of the following provisions, an endeavor related to industrial, commercial, or agricultural enterprise: . |
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| 42 | 42 | | |
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| 43 | 43 | | (i) Economic development project includes, but is not limited to, a all of the following: |
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| 44 | 44 | | |
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| 45 | 45 | | (A) A theme or recreation park. ; agricultural |
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| 46 | 46 | | |
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| 47 | 47 | | (B) Agricultural or forestry production, harvesting, storage, or processing facilities or equipment. ; port |
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| 48 | 48 | | |
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| 49 | 49 | | (C) Port facilities. ; and the |
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| 50 | 50 | | |
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| 51 | 51 | | (D) The use of equipment or facilities designed to produce energy from renewable resources. |
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| 52 | 52 | | |
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| 53 | 53 | | (ii) Economic development project does not include that either of the following: |
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| 54 | 54 | | |
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| 55 | 55 | | (A) That portion of an endeavor devoted to the sale of goods at retail, except that, as used in relation to the fund insuring a transaction entered into by a depository institution, and as used in relation to a loan by the fund to a minority owned business, an economic development project may include that portion of an endeavor devoted to the sale of goods at retail. Economic development project does not include that |
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| 56 | 56 | | |
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| 57 | 57 | | (B) That portion of an endeavor devoted to housing or a program or activity authorized under chapter 8A. |
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| 58 | 58 | | |
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| 59 | 59 | | (c) "Financial institution" means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government and that maintains a principal office or branch office in this state under the laws of this state or the United States. |
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| 60 | 60 | | |
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| 61 | 61 | | (d) "Fund" means the Michigan strategic fund created under section 5, except where the context clearly requires a different definition. |
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| 62 | 62 | | |
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| 63 | 63 | | (e) "FWC Qualified Settlement Fund" means the FWC Qualified Settlement Fund described in the settlement agreement approved by the court in In re Flint Water Cases, No. 5:16-cv-10444-JEL-MKM (ED Mich). |
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| 64 | 64 | | |
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| 65 | 65 | | (f) "Green chemistry" means chemistry and chemical engineering to design chemical products or processes that reduce or eliminate the use or generation of hazardous substances, while producing high-quality products through safe and efficient manufacturing processes. Green chemistry is guided by the following 12 principles: |
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| 66 | 66 | | |
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| 67 | 67 | | (i) Prevent waste: Design chemical syntheses to prevent waste, leaving no waste to treat or clean up. |
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| 68 | 68 | | |
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| 69 | 69 | | (ii) Design safer chemicals and products: Design chemical products to be fully effective, yet have little or no toxicity. |
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| 70 | 70 | | |
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| 71 | 71 | | (iii) Design less hazardous chemical syntheses: Design syntheses to use and generate substances with little or no toxicity to humans and the environment. |
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| 72 | 72 | | |
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| 73 | 73 | | (iv) Use renewable feedstocks: Use raw materials and feedstocks that are renewable rather than depleting. Renewable feedstocks are often made from agricultural products or are the wastes of other processes. ; depleting Depleting feedstocks are made from fossil fuels, including petroleum, natural gas, or coal, or are mined. |
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| 74 | 74 | | |
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| 75 | 75 | | (v) Use catalysts, not stoichiometric reagents: Minimize waste by using catalytic reactions. Catalysts are used in small amounts and can carry out a single reaction many times. They are preferable to stoichiometric reagents, which are used in excess and work only once. |
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| 76 | 76 | | |
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| 77 | 77 | | (vi) Avoid chemical derivatives: Avoid using blocking or protecting groups or any temporary modifications if possible. Derivatives use additional reagents and generate waste. |
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| 78 | 78 | | |
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| 79 | 79 | | (vii) Maximize atom economy: Design syntheses so that the final product contains the maximum proportion of the starting materials. There should be few, if any, wasted atoms. |
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| 80 | 80 | | |
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| 81 | 81 | | (viii) Use safer solvents and reaction conditions: Avoid using solvents, separation agents, or other auxiliary chemicals. If these chemicals are necessary, use innocuous chemicals. |
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| 82 | 82 | | |
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| 83 | 83 | | (ix) Increase energy efficiency: Run chemical reactions at ambient temperature and pressure whenever if possible. |
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| 84 | 84 | | |
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| 85 | 85 | | (x) Design chemicals and products to degrade after use: Design chemical products to break down to innocuous substances after use so that they do not accumulate in the environment. |
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| 86 | 86 | | |
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| 87 | 87 | | (xi) Analyze in real-time to prevent pollution: Include in-process real-time monitoring and control during syntheses to minimize or eliminate the formation of by-products. |
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| 88 | 88 | | |
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| 89 | 89 | | (xii) Minimize the potential for accidents: Design chemicals and their forms, including solid, liquid, or gas, to minimize the potential for chemical accidents, including explosions, fires, and releases to the environment. |
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| 90 | 90 | | |
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| 91 | 91 | | (g) "Michigan economic development corporation" or "MEDC" means the Michigan economic development corporation, the public body corporate created under section 28 of article VII of the state constitution of 1963 and the urban cooperation act of 1967, 1967 (Ex Sess) PA 7, MCL 124.501 to 124.512, by a contractual interlocal agreement effective April 5, 1999, and subsequently amended, between local participating economic development corporations formed under the economic development corporations act, 1974 PA 338, MCL 125.1601 to 125.1636, and the fund. |
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| 92 | 92 | | |
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| 93 | 93 | | (h) "Municipality" means a county, city, village, township, port district, development organization, institution of higher education, community or junior college, or subdivision or instrumentality of any of the legal entities listed in this subdivision. |
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| 94 | 94 | | |
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| 95 | 95 | | (i) "Person" means an individual, sole proprietorship, partnership, limited partnership, limited liability partnership, limited liability company, joint venture, profit or nonprofit corporation including a public or private college or university, public utility, municipality, local industrial development corporation, economic development corporation, other association of persons organized for agricultural, commercial, or industrial purposes, a lender, or any other entity approved by the board. |
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| 96 | 96 | | |
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| 97 | 97 | | (j) "Port facilities" means seawall any of the following, except that port facilities does not include an international bridge or international tunnel: |
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| 98 | 98 | | |
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| 99 | 99 | | (i) Seawall jetties. ; piers; wharves; docks; boat |
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| 100 | 100 | | |
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| 101 | 101 | | (ii) Piers. |
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| 102 | 102 | | |
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| 103 | 103 | | (iii) Wharves. |
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| 104 | 104 | | |
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| 105 | 105 | | (iv) Docks. |
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| 106 | 106 | | |
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| 107 | 107 | | (v) Boat landings. ; marinas; warehouses; storehouses; elevators; grain |
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| 108 | 108 | | |
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| 109 | 109 | | (vi) Marinas. |
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| 110 | 110 | | |
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| 111 | 111 | | (vii) Warehouses. |
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| 112 | 112 | | |
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| 113 | 113 | | (viii) Storehouses. |
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| 114 | 114 | | |
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| 115 | 115 | | (ix) Elevators. |
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| 116 | 116 | | |
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| 117 | 117 | | (x) Grain bins. ; cold |
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| 118 | 118 | | |
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| 119 | 119 | | (xi) Cold storage plants. ; bunkers; oil |
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| 120 | 120 | | |
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| 121 | 121 | | (xii) Bunkers. |
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| 122 | 122 | | |
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| 123 | 123 | | (xiii) Oil tanks. ; ferries; canals; locks; bridges; tunnels; seaways; conveyors; modern |
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| 124 | 124 | | |
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| 125 | 125 | | (xiv) Ferries. |
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| 126 | 126 | | |
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| 127 | 127 | | (xv) Canals. |
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| 128 | 128 | | |
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| 129 | 129 | | (xvi) Locks. |
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| 130 | 130 | | |
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| 131 | 131 | | (xvii) Bridges. |
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| 132 | 132 | | |
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| 133 | 133 | | (xviii) Tunnels. |
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| 134 | 134 | | |
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| 135 | 135 | | (xix) Seaways. |
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| 136 | 136 | | |
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| 137 | 137 | | (xx) Conveyors. |
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| 138 | 138 | | |
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| 139 | 139 | | (xxi) Modern appliances for the economical handling, storage, and transportation of freight and handling of passenger traffic. ; transfer |
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| 140 | 140 | | |
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| 141 | 141 | | (xxii) Transfer and terminal facilities required for the efficient operation and development of ports and harbors. ; other |
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| 142 | 142 | | |
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| 143 | 143 | | (xxiii) Other harbor improvements. ; or improvements, |
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| 144 | 144 | | |
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| 145 | 145 | | (xxiv) Improvements, enlargements, remodeling, or extensions of any of these the buildings or structures described in subparagraphs (i) to (xxiii). Port facilities do not include an international bridge or international tunnel. |
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| 146 | 146 | | |
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| 147 | 147 | | (k) "Project" means an economic development project and, in addition, means the includes all of the following, except that project does not include a program or activity authorized under chapter 8A: |
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| 148 | 148 | | |
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| 149 | 149 | | (i) The acquisition, construction, reconstruction, conversion, or leasing of an industrial, commercial, retail, agricultural, or forestry enterprise, or any part of these, to carry out the purposes and objectives of this act and of the fund, including, but not limited to, acquisition of land or interest in land, buildings, structures, or other planned or existing planned improvements to land including leasehold improvements, machinery, equipment, or furnishings which include, but are not limited to, all of the following: research |
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| 150 | 150 | | |
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| 151 | 151 | | (A) Research parks. ; office |
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| 152 | 152 | | |
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| 153 | 153 | | (B) Office facilities. ; engineering |
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| 154 | 154 | | |
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| 155 | 155 | | (C) Engineering facilities. ; research |
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| 156 | 156 | | |
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| 157 | 157 | | (D) Research and development laboratories. ; warehousing |
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| 158 | 158 | | |
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| 159 | 159 | | (E) Warehousing facilities. ; parts |
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| 160 | 160 | | |
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| 161 | 161 | | (F) Parts distribution facilities. ; depots |
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| 162 | 162 | | |
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| 163 | 163 | | (G) Depots or storage facilities. ; port |
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| 164 | 164 | | |
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| 165 | 165 | | (H) Port facilities. ; railroad |
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| 166 | 166 | | |
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| 167 | 167 | | (I) Railroad facilities, including trackage, right of way, and appurtenances. ; airports; bridges |
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| 168 | 168 | | |
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| 169 | 169 | | (J) Airports. |
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| 170 | 170 | | |
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| 171 | 171 | | (K) Bridges and bridge facilities. ; water |
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| 172 | 172 | | |
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| 173 | 173 | | (L) Water and air pollution control equipment or waste disposal facilities. ; theme |
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| 174 | 174 | | |
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| 175 | 175 | | (M) Theme or recreational parks. ; equipment |
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| 176 | 176 | | |
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| 177 | 177 | | (N) Equipment or facilities designed to produce energy from renewable resources. ; farms, |
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| 178 | 178 | | |
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| 179 | 179 | | (O) Farms, ranches, forests, and other agricultural or forestry commodity producers. ; agricultural |
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| 180 | 180 | | |
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| 181 | 181 | | (P) Agricultural harvesting, storage, transportation, or processing facilities or equipment. ; grain |
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| 182 | 182 | | |
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| 183 | 183 | | (Q) Grain elevators. ; shipping |
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| 184 | 184 | | |
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| 185 | 185 | | (R) Shipping heads and livestock pens. ; livestock; warehouses; wharves |
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| 186 | 186 | | |
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| 187 | 187 | | (S) Livestock. |
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| 188 | 188 | | |
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| 189 | 189 | | (T) Warehouses. |
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| 190 | 190 | | |
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| 191 | 191 | | (U) Wharves and dock facilities. ; dredging |
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| 192 | 192 | | |
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| 193 | 193 | | (V) Dredging of recreational or commercial harbors. ; water, |
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| 194 | 194 | | |
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| 195 | 195 | | (W) Water, electricity, hydro electric, hydroelectric, coal, petroleum, or natural gas provision facilities. ; dams |
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| 196 | 196 | | |
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| 197 | 197 | | (X) Dams and irrigation facilities. ; sewage, |
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| 198 | 198 | | |
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| 199 | 199 | | (Y) Sewage, liquid, and solid waste collection, disposal treatment, and drainage services and facilities. Project also includes the |
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| 200 | 200 | | |
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| 201 | 201 | | (ii) The resolution and settlement of pending claims and assisting to alleviate health issues of Michigan citizens through a loan to the Special Purpose FWC Settlement Entity, which entity may use those loan proceeds only to pay the expenses, costs, and fees associated with the Special Purpose FWC Settlement Entity, to reimburse this state for its initial $5,000,000.00 payment to the FWC Qualified Settlement Fund, and to pay the FWC Qualified Settlement Fund. Project does not include a program or activity authorized under chapter 8A. |
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| 202 | 202 | | |
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| 203 | 203 | | (l) "Private sector" means other than the fund, a state or federal source, or an agency of a state or the federal government. |
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| 204 | 204 | | |
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| 205 | 205 | | (m) "Special Purpose FWC Settlement Entity" means the Special Purpose FWC Settlement Entity described in the settlement agreement approved by the court in In re Flint Water Cases, No. 5:16-cv-10444-JEL-MKM (ED Mich). |
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| 206 | 206 | | |
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| 207 | 207 | | (n) "UFLPA entity list" means the consolidated register of the lists required to be developed and maintained under section 2(d)(2)(B) of the Uyghur forced labor prevention act. |
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| 208 | 208 | | |
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| 209 | 209 | | (o) "Uyghur forced labor prevention act" means Public Law 117-78. |
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| 210 | 210 | | |
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| 211 | 211 | | Sec. 7c. (1) Notwithstanding anything to the contrary in this act, the fund shall not provide a grant, loan, or other economic assistance to a person on the UFLPA entity list. |
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| 212 | 212 | | |
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| 213 | 213 | | (2) A written agreement that is executed or amended after the effective date of the amendatory act that added this section must include a provision that if the person with whom the agreement is made is added to the UFLPA entity list, all of the following apply: |
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| 214 | 214 | | |
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| 215 | 215 | | (a) The person forfeits any future payments under the written agreement. |
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| 216 | 216 | | |
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| 217 | 217 | | (b) The person shall reimburse the fund for 100% of any payments already received under the written agreement plus a 10% penalty. |
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| 218 | 218 | | |
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| 219 | 219 | | (c) After the person reimburses the fund and pays the penalty in satisfaction of subdivision (b), the written agreement is terminated. |
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| 220 | 220 | | |
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| 221 | 221 | | (3) Not later than 90 days after the effective date of the amendatory act that added this section, the fund shall amend all existing written agreements to include a provision that if the person with whom the agreement is made is added to the UFLPA entity list, all of the following apply: |
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| 222 | 222 | | |
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| 223 | 223 | | (a) The person forfeits any future payments under the written agreement. |
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| 224 | 224 | | |
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| 225 | 225 | | (b) The person shall reimburse the fund for 100% of any payments already received under the written agreement plus a 10% penalty. |
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| 226 | 226 | | |
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| 227 | 227 | | (c) After the person reimburses the fund and pays the penalty in satisfaction of subdivision (b), the written agreement is terminated. |
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| 228 | 228 | | |
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| 229 | 229 | | (4) If an existing written agreement is not amended as required under subsection (3), both of the following apply: |
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| 230 | 230 | | |
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| 231 | 231 | | (a) The written agreement is against public policy and is void and unenforceable. |
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| 232 | 232 | | |
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| 233 | 233 | | (b) The fund shall not disburse any money under the written agreement. |
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| 234 | 234 | | |
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| 235 | 235 | | (5) As used in this section: |
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| 236 | 236 | | |
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| 237 | 237 | | (a) "Existing written agreement" means a written agreement that was executed before the effective date of the amendatory act that added this section and that has not expired as of the effective date of the amendatory act that added this section. |
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| 238 | 238 | | |
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| 239 | 239 | | (b) "Written agreement" means an agreement to provide a grant, loan, or other economic assistance to a person to which the fund is a party. |
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