HB-4825, As Passed House, June 9, 2005
May 24, 2005, Introduced by Reps. Murphy, Bieda, Taub, Palmer, Byrum, Nitz, Gosselin, Accavitti, Clack, Virgil Smith, Zelenko, Cushingberry, Sak, Waters, Whitmer, Gonzales, Sheltrown, Angerer, Byrnes, McDowell, Kehrl, Donigan, Spade, Polidori, Kathleen Law, Hopgood, Miller, Ward and McConico and referred to the Committee on Family and Children Services.
A bill to amend 1982 PA 249, entitled
"An act to establish the state children's trust fund in the
department of treasury; and to provide certain powers and duties of
the department of treasury with respect to the trust fund,"
by amending section 1 (MCL 21.171), as amended by 2002 PA 1.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 1. (1) The children's trust fund is created as a
charitable and educational endowment fund in the department of
treasury. The fund shall be expended only as provided in this
section.
(2) The state treasurer shall credit to the trust fund all
amounts appropriated for this purpose under section 475 of the
income tax act of 1967, 1967 PA 281, MCL 206.475, any amounts
received under section 811j of the Michigan vehicle code, 1949 PA
300, MCL 257.811j, and section 8 of the child abuse and neglect
prevention act, 1982 PA 250, MCL 722.608, and any amounts received
from civil fines imposed under the playground equipment safety act,
1997 PA 16, MCL 408.681 to 408.687.
(3) The state treasurer shall direct the investment of the
trust fund. The state treasurer shall have the same authority to
invest the assets of the trust fund as is granted to an investment
fiduciary under the public employee retirement system investment
act,
1965 PA 314, MCL 38.1132 to 38.1140l 38.1140m.
(4)
Until the total amount of assets in the trust fund
exceeds
$20,000,000.00, not Not
more than 1/2 of the money
contributed to the trust fund each year, plus the interest and
earnings credited to the trust fund during the previous fiscal
year, shall be available for disbursement upon the authorization of
the state board as provided in section 9 of the child abuse and
neglect
prevention act, 1982 PA 250, MCL 722.609. If the state
treasurer
certifies that the assets in the trust fund exceed
$20,000,000.00,
only the interest and earnings credited to the
trust
fund shall be available for disbursement upon the
authorization
of the state board as provided in section 9 of the
child
abuse and neglect prevention act, 1982 PA 250, MCL 722.609.
(5) Money granted or received as gifts or donations to the
trust fund shall be available for disbursement upon appropriation
under section 8 of the child abuse and neglect prevention act, 1982
PA 250, MCL 722.608, and funds authorized for expenditure shall not
be considered assets of the trust fund for the purposes of
subsection (4).
(6) The state treasurer shall annually prepare an accounting
of revenues and expenditures from the trust fund. This accounting
shall specifically identify the interest and earnings of the trust
fund, shall describe how the amount of interest and earnings has
been affected by the expanded investment options provided for in
subsection (3), and shall identify how the increased interest and
earnings, if any, have been expended. This accounting shall be
provided to the senate and house of representatives appropriations
committees.
(7) As used in this section, "trust fund" means the children's
trust fund created in subsection (1).