Act No. 34

Public Acts of 1997

Approved by the Governor

June 30, 1997

Filed with the Secretary of State

June 30, 1997

EFFECTIVE DATE: 91st day after final adjournment of 1997 Regular Session

STATE OF MICHIGAN

89TH LEGISLATURE

REGULAR SESSION OF 1997

Introduced by Rep. Hammerstrom

ENROLLED HOUSE BILL No. 4101

AN ACT 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).

The People of the State of Michigan enact:

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

(3) The state treasurer shall invest trust fund money in the same manner as surplus funds are invested pursuant to section 3 of 1855 PA 105, MCL 21.143. Earnings shall be credited to the trust fund.

(4) Until the total amount of assets in the trust fund exceeds $20,000,000.00, not more than 1/2 of the money contributed to the trust fund each year, plus the earnings 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. After such time that the state treasurer certifies that the assets in the trust fund exceed $20,000,000.00, only the earnings credited to the trust fund 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) Funds granted or funds received as gifts or donations to the children's trust funds 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 for the purposes of subsection (4).

Enacting section 1. This amendatory act does not take effect unless House Bill No. 4102 of the 89th Legislature is enacted into law.

Clerk of the House of Representatives.

Secretary of the Senate.

Approved

Governor.