SJR-J, As Passed Senate, January 17, 2008
October 25, 2007, Introduced by Senators BROWN, KUIPERS, JACOBS, JANSEN, THOMAS, ANDERSON, BASHAM, BARCIA, OLSHOVE, SANBORN, GLEASON, GILBERT, PAPPAGEORGE, CLARKE, JELINEK, VAN WOERKOM and BRATER and referred to the Committee on Homeland Security and Emerging Technologies.
A joint resolution proposing an amendment to the state
constitution of 1963, by amending sections 5 and 6 of article VIII
and section 19 of article IX, to prohibit the investment of certain
public funds in companies engaged in business with known state
sponsors of terror.
Resolved by the Senate and House of Representatives of the
state of Michigan, That the following amendment to the state
constitution of 1963, to prohibit the investment of certain public
funds in companies engaged in business with known state sponsors of
terror, is proposed, agreed to, and submitted to the people of the
state:
ARTICLE VIII
Sec. 5. The regents of the University of Michigan and their
successors in office shall constitute a body corporate known as the
Regents of the University of Michigan; the trustees of Michigan
State University and their successors in office shall constitute a
body corporate known as the Board of Trustees of Michigan State
University; the governors of Wayne State University and their
successors in office shall constitute a body corporate known as the
Board
of Governors of Wayne State University. Each Except as
provided in section 19 of article IX, each board shall have general
supervision of its institution and the control and direction of all
expenditures from the institution's funds. Each board shall, as
often as necessary, elect a president of the institution under its
supervision.
He shall be The president
is the principal executive
officer
of the institution , be and
an ex-officio a member of the
board without the right to vote and shall preside at meetings of
the board. The board of each institution shall consist of eight
members who shall hold office for terms of eight years and who
shall be elected as provided by law. The governor shall fill board
vacancies by appointment. Each appointee shall hold office until a
successor has been nominated and elected as provided by law.
Sec. 6. Other institutions of higher education established by
law having authority to grant baccalaureate degrees shall each be
governed
by a board of control which shall be a body corporate. The
Except as provided in section 19 of article IX, each board shall
have general supervision of the institution and the control and
direction of all expenditures from the institution's funds. It
shall, as often as necessary, elect a president of the institution
under
its supervision. He shall be The
president is the principal
executive
officer of the institution and be an ex-officio a member
of the board without the right to vote. The board may elect one of
its members or may designate the president, to preside at board
meetings. Each board of control shall consist of eight members who
shall hold office for terms of eight years, not more than two of
which shall expire in the same year, and who shall be appointed by
the governor by and with the advice and consent of the senate.
Vacancies shall be filled in like manner.
ARTICLE IX
Sec. 19. (1) The state shall not subscribe to, nor be
interested in the stock of any company, association or corporation,
except as follows:
(a) Funds accumulated to provide retirement or pension
benefits for public officials and employees may be invested as
provided by law.
(b) Endowment funds created for charitable or educational
purposes may be invested as provided by law governing the
investment of funds held in trust by trustees.
(c) Funds held as permanent funds or endowment funds other
than those described in subdivision (b) may be invested as provided
by law.
(2) Except as otherwise provided in this section, other state
funds or money may be invested in accounts of a bank, savings and
loan association, or credit union organized under the laws of this
state or federal law, as provided by law.
(3) A public body shall not invest or deposit any public funds
in any business, legal, or governmental entity or institution that
is engaged in business with known state sponsors of terror or that
has facilities or conducts business in any state sponsors of
terror. Both of the following apply for purposes of this
subsection:
(a) An independent franchisee of a business entity is not
considered part of that business entity.
(b) This subsection does not apply to the activities of any
business, legal, or governmental entity or institution providing
humanitarian aid to the people of any state sponsors of terror
through a governmental agency or department or through a
nongovernmental organization.
(4) A public body shall dispose of or withdraw any assets or
money of the public body invested or deposited in a business,
legal, or governmental entity or institution described in
subsection (3) within the following time periods:
(a) At least 50% of those assets or money within 9 months
after the date this amendment becomes part of this constitution.
(b) All of those assets or money within 15 months of the date
this amendment becomes part of this constitution.
(5) The governing body of each public body shall annually
provide the department of treasury with any information concerning
its compliance with this section that is required by law.
(6) As used in this section:
(a) "Public body" means this state or a city, village,
township, county, school district, public college or university,
public community or junior college, or other governmental
department, governmental agency, or political subdivision of this
state.
(b) "State sponsor of terror" means any country determined by
the United States secretary of state to have repeatedly provided
support for acts of international terrorism.
Resolved further, That the foregoing amendment shall be
submitted to the people of the state at the next general election
in the manner provided by law.