Bill Text: MI SB0883 | 2015-2016 | 98th Legislature | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: State financing and management; funds; Michigan infrastructure fund; create. Amends 1984 PA 431 (MCL 18.1101 - 18.1594) by adding secs. 360 & 360a.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2016-09-06 - Presented To Governor 6/14/2016 @ 12:28 Pm [SB0883 Detail]

Download: Michigan-2015-SB0883-Engrossed.html

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SB-0883, As Passed House, June 8, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

SENATE BILL No. 883

 

 

April 14, 2016, Introduced by Senator HILDENBRAND and referred to the Committee on Appropriations.

 

 

 

     A bill to amend 1984 PA 431, entitled

 

"The management and budget act,"

 

(MCL 18.1101 to 18.1594) by adding sections 360 and 360a.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 360. (1) The Michigan infrastructure fund is created

 

within the state treasury.

 

     (2) The state treasurer may receive money or other assets from

 

any source for deposit into the Michigan infrastructure fund. The

 

state treasurer shall direct the investment of the Michigan

 

infrastructure fund. The state treasurer shall credit to the

 

Michigan infrastructure fund interest and earnings from Michigan

 

infrastructure fund investments.

 

     (3) Money in the Michigan infrastructure fund at the close of

 

the fiscal year shall remain in the Michigan infrastructure fund

 

and shall not lapse to the general fund.

     (4) The department shall be the administrator of the Michigan

 

infrastructure fund for auditing purposes.

 

     (5) Money shall be expended from the Michigan infrastructure

 

fund, upon appropriation, only to offset future infrastructure

 

expenses as provided by law.

 

     Sec. 360a. Money in the Michigan infrastructure fund shall be

 

expended only as provided in an appropriation act.