Michigan Laws 125.2090r – Withdrawal from rural jobs and capital investment program
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Terms Used In Michigan Laws 125.2090r
- Closing date: means the date on which a rural jobs and capital investment fund has received a grant, loan, or other type of economic assistance. See Michigan Laws 125.2090l
- Fund: means the Michigan strategic fund created under section 5, except where the context clearly requires a different definition. See Michigan Laws 125.2004
- Repayment amount: means an amount equal to 50% of a rural jobs and capital investment fund's investment authority, minus the sum of the product of new full-time equivalent employees reported to the fund for each of the rural jobs and capital investment fund's annual reports submitted pursuant to section 90p and the appropriate earned job factor rate. 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 125.2090lstate: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) On or after the sixth anniversary of the closing date, a rural jobs and capital investment fund may exit the program and no longer be subject to the provisions of this chapter. The fund shall respond to the application within 30 days of receipt and include a calculation of any repayment amount due.
(2) No distributions other than those permitted by section 90o(1)(b) may be made with respect to the equity interests of the rural jobs and capital investment fund more than the sum of the amount of equity capital invested into the rural jobs and capital investment fund with respect to the equity interests and an amount equal to any projected increase in the federal or state tax liability of holders of those interests related to the ownership of the rural jobs and capital investment fund until the rural jobs and capital investment fund has made payments to the fund equal to the repayment amount.