SB-0852, As Passed Senate, January 17, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SENATE BILL No. 852

 

 

October 25, 2007, Introduced by Senators GARCIA, HUNTER, KUIPERS, JACOBS, JANSEN, THOMAS, ANDERSON, BASHAM, BARCIA, OLSHOVE, BROWN, SANBORN, GILBERT, GLEASON, PAPPAGEORGE, JELINEK, CLARKE, VAN WOERKOM, BRATER and SCHAUER and referred to the Committee on Homeland Security and Emerging Technologies.

 

 

 

     A bill to amend 2000 PA 489, entitled

 

"Michigan trust fund act,"

 

by amending section 7 (MCL 12.257), as amended by 2007 PA 50.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 7. (1) The 21st century jobs trust fund is established in

 

the department of treasury. The 21st century jobs trust fund shall

 

consist of donations of money made to the 21st century jobs trust

 

fund from any source and, to the extent provided in section 8(1) of

 

the Michigan tobacco settlement finance authority act, 2005 PA 226,

 

MCL 129.268, the net proceeds of the sale of tobacco settlement

 

revenues to the tobacco settlement finance authority under the

 

Michigan tobacco settlement finance authority act, 2005 PA 226, MCL

 

129.261 to 129.279.

 


     (2) The state treasurer shall direct the investment of the

 

21st century jobs trust fund, which may be invested as part of the

 

common cash of this state under 1967 PA 55, MCL 12.51 to 12.53, but

 

shall be separately accounted for by the state treasurer. The state

 

treasurer may invest the funds or assets of the 21st century jobs

 

trust fund in any investment authorized under 1855 PA 105, MCL

 

21.141 to 21.147, for surplus funds of this state, in obligations

 

issued by any state or political subdivision or instrumentality of

 

the United States, or in any obligation issued, assumed, or

 

guaranteed by a solvent entity created or existing under the laws

 

of the United States or of any state, district, or territory of the

 

United States, which are not in default as to principal or

 

interest. In addition, the state treasurer shall comply with the

 

divestment from terror act in making investments under this

 

section.

 

     (3) Except as provided in subsection (4), money in the 21st

 

century jobs trust fund at the close of a fiscal year shall remain

 

in the 21st century jobs trust fund and shall not revert to the

 

general fund.

 

     (4) Interest and earnings from investment of the 21st century

 

jobs trust fund shall be deposited in the general fund. For the

 

fiscal year ending September 30, 2007 only, in addition to any

 

interest and earnings deposited in the general fund under this

 

subsection, $50,000,000.00 of the funds in the 21st century jobs

 

trust fund is transferred to and shall be deposited into the

 

general fund.

 

     (5) Beginning in fiscal year 2008 and through fiscal year

 


2015, each year $75,000,000.00 of the tobacco settlement revenue

 

received by this state that is not considered a TSR as that term is

 

defined under the Michigan tobacco settlement finance authority

 

act, 2005 PA 226, MCL 129.261 to 129.279, shall be deposited into

 

the 21st century jobs trust fund.

 

     (6) For the fiscal year ending September 30, 2016 only,

 

$30,000,000.00 of the tobacco settlement revenue received by this

 

state that is not considered a TSR as that term is defined under

 

the Michigan tobacco settlement finance authority act, 2005 PA 226,

 

MCL 129.261 to 129.279, shall be deposited into the 21st century

 

jobs trust fund.

 

     Enacting section 1. This amendatory act does not take effect

 

unless Senate Bill No. 846                                   

 

            of the 94th Legislature is enacted into law.