Economic development: other; regional convention facility authority board requirements; modify. Amends sec. 11 of 2008 PA 554 (MCL 141.1361).
What changed between versions
Changed the timeline for the first board meeting from 'not more than 30 days' to 'not later than 30 days' and added the requirement that all officers must be elected annually.
Modified the voting rule to require unanimous consent from all serving board members for all actions, with a new provision clarifying that an alternate's vote counts as the serving member's consent.
Added a requirement for an annual audit conducted by an independent certified public accountant that must comply with federal grant regulations.
Created a new reserve fund to address prior fiscal year shortfalls, which must be funded from specific sources and managed by an investment fiduciary.
Reorganized the section numbering and text flow regarding procurement and professional services, shifting the content originally in subsection (6) to subsection (7) and inserting a new subsection (6) about the reserve fund.