Bill Text: MI SB1108 | 2017-2018 | 99th Legislature | Engrossed
Bill Title: State financing and management; funds; 21st century jobs trust fund; modify. Amends sec. 7 of 2000 PA 489 (MCL 12.257).
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2018-12-31 - Assigned Pa 577'18 12/31/18 Addenda [SB1108 Detail]
Download: Michigan-2017-SB1108-Engrossed.html
SB-1108, As Passed Senate, December 6, 2018
SENATE BILL No. 1108
September 5, 2018, Introduced by Senator STAMAS and referred to the Committee on Appropriations.
A bill to amend 2000 PA 489, entitled
"Michigan trust fund act,"
by amending section 7 (MCL 12.257), 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
consists 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
must be separately accounted for by the state treasurer.
The
state
treasurer may invest the funds money
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 that
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 must
remain
in the 21st century jobs trust fund and shall does not
revert to the general fund.
(4) Interest and earnings from investment of the 21st century
jobs
trust fund shall must 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
subsection,
$42,000,000.00 of the funds money
in the 21st century
jobs
trust fund is transferred to and shall must be deposited into
the general fund.
(5) Beginning in fiscal year 2008 and through fiscal year
2019,
2023, 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
must 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 must
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 money in the 21st century jobs trust
fund
is transferred to and shall must
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 must 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.
