Bill Text: MI HB5674 | 2021-2022 | 101st Legislature | Introduced
Bill Title: State financing and management: funds; racial equity and reparations fund; create. Creates new act. TIE BAR WITH: HB 5672'22
Spectrum: Partisan Bill (Democrat 11-0)
Status: (Introduced - Dead) 2022-01-19 - Bill Electronically Reproduced 01/18/2022 [HB5674 Detail]
Download: Michigan-2021-HB5674-Introduced.html
HOUSE BILL NO. 5674
A bill to establish the racial equity and reparations fund in the department of treasury; to provide for the expenditure of money from the fund; and to provide for the powers and duties of certain state officers and entities.
the people of the state of michigan enact:
Sec. 1. This act may be cited as the "racial equity and reparations fund act".
(a) "Department" means the department of treasury.
(b) "Fund" means the racial equity and reparations fund created in section 3.
Sec. 3. (1) The racial equity and reparations fund is created in the state treasury.
(2) The state treasurer shall deposit into the fund money and other assets received from the proceeds of the surcharge levied under section 15 of the Michigan strategic fund act, 1984 PA 270, MCL 125.2015, or from any other source. The state treasurer shall direct the investment of money in the fund and credit interest and earnings from the investments to the fund.
(3) The department is the administrator of the fund for audits of the fund.
(4) Money in the fund at the close of the fiscal year must remain in the fund and must not lapse to the general fund.
(5) The department shall expend money from the fund, on appropriation, only to provide grants, loans, investments, and other economic assistance for businesses and economic developments that promote the African-American community in this state.
Enacting section 1. This act does not take effect unless Senate Bill No.____ or House Bill No. 5672 (request no. 04841'21) of the 101st Legislature is enacted into law.
