HB-4884, As Passed Senate, June 27, 2007

SENATE SUBSTITUTE FOR

HOUSE BILL NO. 4884

     A bill to amend 2000 PA 489, entitled

"Michigan trust fund act,"

by amending section 7 (MCL 12.257), as added by 2005 PA 232.

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.

     (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.

     (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, 2007,

$50,000,000.00 is appropriated and transferred from the 21st

century jobs trust fund for deposit into the general fund.