Michigan Laws 125.2090q – Annual fee
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Terms Used In Michigan Laws 125.2090q
- Fund: means the Michigan strategic fund created under section 5, except where the context clearly requires a different definition. See Michigan Laws 125.2004
- Investment authority: means the amount stated on the certificate under section 90m certifying the rural jobs and capital investment fund. See Michigan Laws 125.2090l
- Rural jobs and capital investment fund: means an entity approved by the fund under section 90m that meets all of the following:
(i) The entity or 1 or more of its affiliates are regulated by the Securities and Exchange Commission and meet either of the following:
(A) Is a rural business investment company under 7 USC 2009cc or a small business investment company under 15 USC 681. See Michigan Laws 125.2090l
(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.