Governor Rick Snyder signed legislation yesterday to streamline the 21st Century Jobs Fund and reduce administrative costs.

Senate Bill 929 provides flexibility in selecting projects to receive dollars from the 21st Century Jobs Fund and bring municipalities into the decision making process. The fund diversifies Michigan's economy in areas like information technology, advanced automotive technology and materials, alternative energy and other innovative technologies. It provides initial investments for projects like university research and venture and private equity firms.

Snyder said "a diverse, vibrant economy is essential to a strong Michigan, and these amendments to the 21st Century Jobs Fund will create better opportunities for growth." He added "they will save time and money by speeding the application process and focusing dollars on the most promising investments."

The bill is now Public Act 145 of 2012.