SB-0848, As Passed Senate, January 17, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SENATE BILL No. 848

 

 

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

 

follows:

 

     (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

 

board.

 

     (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

 

population.

 

     (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

 

system investment act, 1965 PA 314, MCL 38.1132 to 38.1140l

 

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

 

committees.

 

     Enacting section 1. This amendatory act does not take effect

 

unless Senate Bill No. 846                                    

 

            of the 94th Legislature is enacted into law.