SB-0848, As Passed Senate, January 17, 2008
October 25, 2007, Introduced by Senators PAPPAGEORGE, HUNTER, KUIPERS, JACOBS, JANSEN, THOMAS, ANDERSON, BASHAM, BARCIA, OLSHOVE, BROWN, SANBORN, GLEASON, GILBERT, CLARKE, JELINEK, VAN WOERKOM, BRATER and SCHAUER and referred to the Committee on Homeland Security and Emerging Technologies.
A bill to amend 1946 (1st Ex Sess) PA 9, entitled
"An act to create the Michigan veterans' trust fund, and to define
who shall be eligible to receive assistance therefrom; to provide
for the disbursement of the income thereof and surplus therein; to
create a board of trustees, and to prescribe its powers and duties;
to provide for county and district committees, and their powers,
duties, and expenses; to prescribe penalties; and to make
appropriations to carry out the provisions of this act,"
by amending section 5 (MCL 35.605), as amended by 2002 PA 53.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 5. (1) The earnings of the Michigan veterans' trust fund
shall be allocated from time to time by the board of trustees as
(a) The operating expenses of the fund shall be approved
annually and funded from the surplus earnings.
(b) Fifty percent of the remaining surplus in and the earnings
of the fund shall be allocated for distribution to county and
district committees on the basis of need as determined by the
(c) The balance of the surplus in and earnings of the trust
fund after allocations under subdivisions (a) and (b) shall be
allocated in part or in whole to the several county and district
committees on the basis of veteran population. The funds made
available to the board of trustees for distribution to county and
district committees on the basis of need as determined by the board
of trustees shall be disbursed only for the same purposes of
providing for needs of Michigan veterans as defined by 1965 PA 190,
MCL 35.61 to 35.62, or their dependents as are the funds allocated
to county and district committees on the basis of veteran
(2) The state treasurer shall direct the investment of the
Michigan veterans' trust fund. The state treasurer shall have the
same authority to invest the assets of the trust fund as is granted
to an investment fiduciary under the public employee retirement
investment act, 1965 PA 314, MCL 38.1132 to
38.1140m. The state treasurer shall comply with the divestment from
terror act in making investments under this act. The trust fund
shall be considered state funds and shall be protected by the
official bond of the state treasurer.
(3) The state treasurer shall annually prepare an accounting
of revenues and expenditures from the trust fund. This accounting
shall specifically identify the interest and earnings of the trust
fund, shall describe how the amount of interest and earnings has
been affected by the expanded investment options provided for in
subsection (2), and shall identify how the increased interest and
earnings, if any, have been expended. This accounting shall be
provided to the senate and house of representatives appropriations
Enacting section 1. This amendatory act does not take effect
unless Senate Bill No. 846
of the 94th Legislature is enacted into law.