SB-0853, As Passed Senate, January 17, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SENATE BILL No. 853

 

 

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

 

 

 

     A bill to amend 1982 PA 249, entitled

 

"An act to establish the state children's trust fund in the

department of treasury; and to provide certain powers and duties of

the department of treasury with respect to the trust fund,"

 

by amending section 1 (MCL 21.171), as amended by 2005 PA 119.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 1. (1) The children's trust fund is created as a

 

charitable and educational endowment fund in the department of

 

treasury. The fund shall be expended only as provided in this

 

section.

 

     (2) The state treasurer shall credit to the trust fund all

 

amounts appropriated for this purpose under section 475 of the

 

income tax act of 1967, 1967 PA 281, MCL 206.475, any amounts

 

received under section 811j of the Michigan vehicle code, 1949 PA

 


300, MCL 257.811j, and section 8 of the child abuse and neglect

 

prevention act, 1982 PA 250, MCL 722.608, and any amounts received

 

from civil fines imposed under the playground equipment safety act,

 

1997 PA 16, MCL 408.681 to 408.687.

 

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

 

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 38.1140m. The state treasurer

 

shall comply with the divestment from terror act in making

 

investments under this act.

 

     (4) Not more than 1/2 of the money contributed to the trust

 

fund each year, plus the interest and earnings, excluding

 

unrealized gains and losses, credited to the trust fund during the

 

previous fiscal year, shall be available for disbursement upon the

 

authorization of the state board as provided in section 9 of the

 

child abuse and neglect prevention act, 1982 PA 250, MCL 722.609.

 

     (5) Money granted or received as gifts or donations to the

 

trust fund shall be available for disbursement upon appropriation

 

under section 8 of the child abuse and neglect prevention act, 1982

 

PA 250, MCL 722.608, and funds authorized for expenditure shall not

 

be considered assets of the trust fund for the purposes of

 

subsection (4).

 

     (6) 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 (3), 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.

 

     (7) As used in this section, "trust fund" means the children's

 

trust fund created in subsection (1).

 

     Enacting section 1. This amendatory act does not take effect

 

unless Senate Bill No. 846                                    

 

            of the 94th Legislature is enacted into law.