8120 - IRAN ECONOMIC SANCTIONS ACT COMPLIANCE

Cedar Springs Public School District

Bylaws & Policies

8120 - IRAN ECONOMIC SANCTIONS ACT COMPLIANCE

The District will not enter into or renew a contract with any Iran linked business while Iran is a State sponsor of terror as defined under Section 2 of the Divestment From Terror Act, 2008 PA 234, M.C.L. 129.292. To this end, and in accordance with the Iran Economic Sanctions Act of Michigan, the District shall require a person that submits a bid on a request for proposal with the District to certify that it is not an Iran linked business.

If the District determines, using credible information available to the public, that a person has submitted a false certification, the District shall provide the person with written notice of its determination and of the intent not to enter into or renew a contract with the person. The notice shall include information on how to contest the determination and specify that the person may become eligible for a future contract with the District if the person ceases the activities that cause it to be an Iran linked business. The person shall have ninety (90) days following receipt of the notice to respond in writing and to demonstrate that the determination of false certification was made in error. If a person does not make that demonstration within ninety (90) days after receipt of the notice, the District may terminate any existing contract and shall report the name of the person to the attorney general together with information supporting the determination.

"Person" means any of the following:

	A.	An individual, corporation, company, limited liability company, business association, partnership, society, trust, or any other nongovernmental entity, organization, or group.

	B.	Any governmental entity or instrumentality of a government, including a multilateral development institution, as defined in section 1701(c)(3) of the International Financial Institutional act, 22 U.S.C. 262r(c)(3).

	C.	Any successor, subunit, parent company, or subsidiary of, or company under common ownership or control with, any entity described in subparagraph A. or B.

"Iran Linked Business" means either of the following:

	A.	A person engaging in investment activities in the energy sector of Iran, including a person that provides oil or liquefied natural gas tankers or products used to construct or maintain pipelines used to transport oil or liquefied natural gas for the energy sector of Iran.

	B.	A financial institution that extends credit to another person, if that person will use the credit to engage in investment activities in the energy sector of Iran.

"Iran" means any agency or instrumentality of Iran.

"Energy Sector of Iran" means activities to develop petroleum or natural gas resources or nuclear power in Iran.

"Investment" means one (1) or more of the following:

	A.	A commitment or contribution of funds or property.

	B.	A loan or other extension of credit.

	C.	The entry into or renewal of a contract for goods or services.

"Investment activity" means one (1) or more of the following:

	A.	A person who has an investment of $20,000,000.00 or more in the energy sector of Iran.

	B.	A financial institution that extends $20,000,000.00 or more in credit to another person, for forty-five (45) days or more, if that person will use the credit for investment in the energy sector of Iran.

M.C.L. 329.311 – 329.316