June 7, 2007, Introduced by Rep. Jackson and referred to the Committee on Appropriations.
A bill to amend 2000 PA 489, entitled
"Michigan trust fund act,"
by amending section 9 (MCL 12.259), as added by 2005 PA 232.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 9. (1) The Michigan merit award trust fund is established
in the department of treasury. The Michigan merit award trust fund
shall consist only of interest and earnings from Michigan merit
award trust fund investments, donations of money made to the trust
fund from any source, and any money allocated as provided by law.
(2) Money in the Michigan merit award trust fund at the close
of a fiscal year shall remain in the Michigan merit award trust
fund and shall not revert to the general fund.
(3) The state treasurer shall direct the investment of the
Michigan merit award trust fund.
(4) Except as otherwise provided in section 7(5), each fiscal
year, 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, minus any money received from the Michigan higher
education student loan authority under the higher education loan
authority act, 1975 PA 222, MCL 390.1151 to 390.1165, or from any
other revenue source, shall be allocated to the Michigan merit
award trust fund.