Bill Text: MI HB4607 | 2015-2016 | 98th Legislature | Engrossed
Bill Title: State financing and management; funds; 21st century jobs fund; allow certain amount to be appropriated to the Michigan transportation fund. Amends secs. 7 & 8 of 2000 PA 489 (MCL 12.257 & 12.258).
Spectrum: Partisan Bill (Republican 6-0)
Status: (Introduced - Dead) 2015-06-11 - Referred To Committee On Government Operations [HB4607 Detail]
Download: Michigan-2015-HB4607-Engrossed.html
HB-4607, As Passed House, June 10, 2015
SUBSTITUTE FOR
HOUSE BILL NO. 4607
A bill to amend 2000 PA 489, entitled
"Michigan trust fund act,"
by amending sections 7 and 8 (MCL 12.257 and 12.258), as amended by
2014 PA 504.
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 both of the following:
(a) 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.
(b) Amounts appropriated from the general fund in section
89b(1) of the Michigan strategic fund act, 1984 PA 270, MCL
125.2089b.
(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. In addition, the state treasurer shall comply with the
divestment from terror act, 2008 PA 234, MCL 129.291 to 129.301, in
making investments under this section.
(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. For the
fiscal year ending September 30, 2009 only, in addition to any
interest and earnings deposited in the general fund under this
House Bill No. 4607 as amended June 9, 2015
subsection, $42,000,000.00 of the funds in the 21st century jobs
trust fund is transferred to and shall be deposited into the
general fund.
(5) Beginning in fiscal year 2008 and through fiscal year
2019,
[2016], each
fiscal 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, 2010 only,
$9,000,000.00 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 used as provided in the state
convention facility development act, 1985 PA 106, MCL 207.621 to
207.640.
(7) For the fiscal year ending September 30, 2010 only,
$37,500,000.00 of the funds in the 21st century jobs trust fund is
transferred to and shall be deposited into the general fund.
(8) Beginning in fiscal year 2015 and through fiscal year
2035, each year $17,500,000.00 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 countercyclical budget and economic stabilization fund created
in section 351 of the management and budget act, 1984 PA 431, MCL
18.1351.
(9) Beginning in fiscal year 2016-2017 and each fiscal year
thereafter, each fiscal 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 Michigan transportation fund established in
section 10 of 1951 PA 51, MCL 247.660, and distributed as provided
in section 10(1)(k) of 1951 PA 51, MCL 247.660.
Sec.
8. Upon Subject to section
7, upon request from the fund
board as defined in section 88a of the Michigan strategic fund act,
1984 PA 270, MCL 125.2088a, the state treasurer shall transfer and
disburse appropriated funds from the 21st century jobs trust fund
only for the purpose of carrying out and at the specified time and
as necessary to implement programs under chapter 8A, chapter 8B,
and chapter 8C of the Michigan strategic fund act, 1984 PA 270, MCL
125.2088 to 125.2090d.
