HOUSE BILL NO. 6082

A bill to establish the baby bond trust fund in the department of treasury; to provide for the distribution of the money from the fund; to prescribe the powers and duties of certain agencies and officials; and to provide for appropriations.

the people of the state of michigan enact:

Sec. 1. This act shall be known and may be cited as the "baby bond trust fund act".

Sec. 3. As used in this act:

(a) "Account", "designated beneficiary", and "eligible expenditures" mean those terms as defined in section 3 of the Michigan baby bond trust account program act.

(b) "Baby bond trust account program" means the baby bond trust account program created in section 5 of the Michigan baby bond trust account program act.

(c) "Department" means the department of treasury.

(d) "Fund" means the baby bond trust fund created in section 5.

Sec. 5. (1) The baby bond trust fund is created in the state treasury to provide funds for the implementation, administration, and support of the baby bond trust account program.

(2) The state treasurer may receive money or other assets from any source for deposit into the fund. The state treasurer shall direct the investment of the fund. The state treasurer shall credit to the fund interest and earnings from fund investments.

(3) The state treasurer may contract with practitioners, administrators, investment managers, and other entities in order to design, administer, and provide the best investment options for the fund.

Sec. 7. (1) The department is the administrator of the fund for audits of the fund.

(2) The department shall expend money from the baby bond trust fund, on appropriation, only as provided under this act to administer and operate the baby bond trust account program and establish an account for each designated beneficiary as provided under the Michigan baby bond trust account program act and to make disbursements from each account to designated beneficiaries for eligible expenditures.

Sec. 9. Money in the fund at the close of the fiscal year remains in the fund and does not lapse to the general fund.

Sec. 11. Not later than March 15 of each year, the department shall transmit to each member of the legislature, the governor, the clerk of the house of representatives, the secretary of the senate, and the senate and house fiscal agencies a report on the activities of the fund.

Enacting section 1. This act does not take effect unless both of the following bills of the 102nd Legislature are enacted into law:

(a) Senate Bill No.____ or House Bill No. 6097 (request no. 06143'24).

(b) Senate Bill No.____ or House Bill No. 6081 (request no. 06192'24).