Bill Text: MI HB5748 | 2015-2016 | 98th Legislature | Introduced
Bill Title: Health; funding; children with special needs fund; expand investment options. Amends secs. 5861 & 5863 of 1978 PA 368 (MCL 333.5861 & 333.5863).
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2016-12-31 - Assigned Pa 427'16 With Immediate Effect [HB5748 Detail]
Download: Michigan-2015-HB5748-Introduced.html
HOUSE BILL No. 5748
June 9, 2016, Introduced by Rep. Maturen and referred to the Committee on Financial Services.
A bill to amend 1978 PA 368, entitled
"Public health code,"
by amending sections 5861 and 5863 (MCL 333.5861 and 333.5863),
section 5863 as amended by 2015 PA 91.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 5861. (1) The department may receive and hold title to
real and personal property by gift, devise, bequest, and conveyance
to be used for the purpose of carrying out this part. The property
accepted
shall must be held and used as a trust fund for the
purposes
for which received. The department of public health
promptly shall send the money, securities, or like personal
property received to the department of treasury to be credited to
the fund of this state designated by the donor or the department.
The
income from securities shall must
be sent promptly to the
department of treasury to be credited to the fund designated and
shall
must be likewise disbursed.
(2) The children with special needs fund that operates under
this section shall maintain a minimum balance of $18,000,000.00. If
the balance of the children with special needs fund is less than
$18,000,000.00, no money shall be expended from that fund until the
balance of the fund exceeds $18,000,000.00.
Sec. 5863. (1) The department of treasury shall do all of the
following:
(a) Receive money granted to this state by the federal
government under this part.
(b) Receive payments as provided in section 5841 and keep that
money in the parent participation fund.
(c) Disburse money from the funds on certification by the
department.
(2) The state treasurer shall direct the investment of the
children with special needs fund. The state treasurer has the same
authority to invest assets of the children with special needs fund
as is granted to an investment fiduciary that is investing assets
under the public employee retirement system investment act, 1965 PA
314, MCL 38.1132 to 38.1141.
Enacting section 1. This amendatory act takes effect 90 days
after the date it is enacted into law.
