May 18, 2004, Introduced by Senators BROWN, BARCIA, ALLEN, CROPSEY, GEORGE, VAN WOERKOM, BIRKHOLZ, BRATER, CLARKE and BISHOP and referred to the Committee on Appropriations.
A bill to amend 1946 (1st Ex Sess) PA 9, entitled
"An act to create the Michigan veterans' trust fund, and to
define who shall be eligible to receive assistance therefrom; to
provide for the disbursement of the income thereof and surplus
therein; to create a board of trustees, and to prescribe its
powers and duties; to provide for county and district committees,
and their powers, duties, and expenses; to prescribe penalties;
and to make appropriations to carry out the provisions of this
act,"
by amending section 1c (MCL 35.601c), as amended by 1980 PA 353.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 1c. (1) The state treasurer is hereby authorized to
2 transfer, with the approval of the state administrative board,
3 all or part of the United States treasury bonds, notes, and other
4 evidences of indebtedness in the Michigan veterans' trust fund to
5 the general fund. The state treasurer, with the approval of the
6 state administrative board, shall sell the bonds transferred and
7 deposit the proceeds in the general fund.
8 (2) To reimburse the Michigan veterans' trust fund for the
1 bonds, notes, and other evidences of indebtedness transferred
2 pursuant to under this section, to provide for the
3 administration of this
act, to furnish college tuition grants
4 for children of
disabled or deceased veterans, there
is hereby
5 appropriated from the
general fund : (a) For the fiscal year
6 beginning October 1, 1976, a sum of $3,100,000.00; and for in
7 each fiscal year thereafter,
a sum to be determined by the
8 appropriations committees of the senate and house, based on the
9 interest as determined by
the department of treasury which that
10 would have been earned from investment of the trust fund
11 principal amount of
$50,000,000.00 ; less interest earned by
12 investment of the principal amount repaid. The department of
13 treasury shall determine the
annual rate of interest is to be
14 determined by the
department of treasury and forwarded
forward
15 it in writing on August 1 of each year to the department of
16 management and budget and the appropriations committees of the
17 house and senate. (b)
For the fiscal year beginning in 1979, in
18 addition to the amount
appropriated in subdivision (a), the sum
19 of $2,000,000.00 shall
be paid to reestablish the principal of
20 the Michigan
veterans' trust fund. (c) For the fiscal year
21 beginning in 1980, in
addition to the amount appropriated in
22 subdivision (a), the
sum of $200,000.00 shall be paid to
23 reestablish the
principal of the Michigan veterans' trust fund.
24 (d) For each fiscal
year beginning in 1981, 1982, 1983, 1984,
25 1985, 1986, 1987,
1988, 1989, 1990, and 1991, in addition to the
26 amount appropriated in
subdivision (a), the sum of $4,000,000.00
27 shall be paid to
reestablish the principal of the Michigan
1 veterans' trust fund.
(e) For any fiscal year that is
modified
2 to be more than or less than a 12-month period, the sums
3 appropriated in this subsection shall be prorated to assure
4 payment in lieu of
interest and repayment of principal , as
5 intended in this subsection.
6 (f) For the
fiscal year beginning in 1992, in addition, a
7 sum sufficient which,
when taken with sums previously
8 appropriated and other
investments of the fund, will restore the
9 fund to a principal
sum of $49,000,000.00.
10 (3) The
appropriations made in An appropriation made under
11 this subsection (2)(a)
shall be deemed is considered "income"
12 as the term is used in this act and shall be disbursed by the
13 board of trustees in the manner and for the purposes prescribed
14 in this act. The
appropriations made in subsection (2)(b), (c),
15 (d), (e), and (f)
shall be vested as directed by the state
16 administrative board
pursuant to this act.