August 24, 2005, Introduced by Rep. Baxter and referred to the Committee on Commerce.
A bill to amend 2000 PA 489, entitled
"Michigan trust fund act,"
by amending the title and section 2 (MCL 12.252) and by adding
section 7; and to repeal acts and parts of acts.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
TITLE
An act to create certain funds; to provide for the allocation
of certain revenues among certain funds and for the operation,
investment, and expenditure of certain funds; and to impose certain
duties and requirements on certain state officials.
Sec. 2. As used in this act:
(a) "Medicaid benefits trust fund" means the Michigan medicaid
benefits trust fund established in section 5.
(b) "Medicaid program" means a program for medical assistance
established under title XIX of the social security act, chapter
531,
49 Stat. 620, 42 U.S.C. USC
1396 to 1396f, 1396g-1 to 1396r-
6, and 1396r-8 to 1396v.
(c) "Medicaid special financing payments" means the medicaid
special adjustor payments each year authorized in the department of
community health appropriations act.
(d) "Residual tobacco settlement revenue" means any residual
interests, as defined by the Michigan tobacco settlement finance
authority, that are received by this state.
(e) (d)
"Tobacco settlement revenue" means money
received by
this state that is attributable to the master settlement agreement
incorporated into a consent decree and final judgment entered into
on December 7, 1998 in Kelly Ex Rel. Michigan v Philip Morris
Incorporated, et al., Ingham county circuit court, docket no. 96-
84281CZ, and that is not TSRs as that term is defined under the
Michigan tobacco settlement finance authority act.
(f) (e)
"Tobacco settlement trust fund" means the Michigan
tobacco settlement trust fund established in section 3.
(g) "21st century jobs trust fund" means the 21st century jobs
trust fund established in section 7.
Sec. 7. (1) The 21st century jobs trust fund is established in
the department of treasury. The 21st century jobs trust fund shall
consist only of interest and earnings from 21st century jobs trust
fund investments, donations of money made to the 21st century jobs
trust fund from any source, and the net proceeds of the sale of
tobacco settlement revenues to the tobacco settlement finance
authority.
(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 the state but shall be separately accounted for by
the state treasurer. The state treasurer may invest the 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 are not in default as to
principal or interest.
Enacting section 1. Sections 3 and 5 of the Michigan merit
award scholarship act, 1999 PA 94, MCL 390.1453 and 390.1455, are
repealed.
Enacting section 2. This amendatory act takes effect October
1, 2005.