February 5, 2009, Introduced by Reps. Durhal and Johnson and referred to the Committee on Appropriations.
A bill to amend 2000 PA 489, entitled
"Michigan trust fund act,"
by amending section 7 (MCL 12.257), as amended by 2008 PA 256.
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 both of the following:
(a) 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.
(b) Amounts appropriated from the general fund in section
89b(1) of the Michigan strategic fund act, 1984 PA 270, MCL
125.2089b.
(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, 2009 only, in addition to any
interest and earnings deposited in the general fund under this
subsection, $20,000,000.00 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
$50,000,000.00 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.