HB-5867, As Passed House, March 18, 2008
March 6, 2008, Introduced by Reps. Horn, Ebli, Lemmons, Condino, Brown, Espinoza, Valentine, Simpson, Corriveau, Angerer, Lindberg and Dean and referred to the Committee on Tourism, Outdoor Recreation and Natural Resources.
A bill to amend 2000 PA 489, entitled
"Michigan trust fund act,"
by amending sections 7 and 8 (MCL 12.257 and 12.258), section 7 as
amended by 2007 PA 50 and section 8 as added by 2005 PA 232.
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 of donations of money made to the 21st century jobs trust
fund
from any source and , to 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) To the extent provided in section 8(2) of the Michigan
tobacco settlement finance authority act, 2005 PA 226, MCL 129.268,
the net proceeds resulting from a refunding or refinancing of bonds
or the sale of residual interests under the Michigan tobacco
settlement finance authority act, 2005 PA 226, MCL 129.261 to
129.279
(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 be separately accounted for by the state treasurer. The state
treasurer may invest the funds 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 are not in default as to principal or
interest.
(3) Except as provided in subsection (4), money in the 21st
century jobs trust fund at the close of a fiscal year shall remain
in the 21st century jobs trust fund and shall not revert to the
general fund.
(4) Interest and earnings from investment of the 21st century
jobs
trust fund shall be deposited in the general fund. For the
fiscal
year ending September 30, 2007 only, in addition to any
interest
and earnings deposited in the general fund under this
subsection,
$50,000,000.00 of the funds in the 21st century jobs
trust
fund is transferred to and shall be deposited into the
general
fund.
(5) Beginning in fiscal year 2008 and through fiscal year
2015, each 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 be deposited into
the 21st century jobs trust fund.
(6) For the fiscal year ending September 30, 2016 only,
$30,000,000.00 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 be deposited into the 21st century
jobs trust fund.
Sec. 8. Upon request from the fund board as defined in section
88a of the Michigan strategic fund act, 1984 PA 270, MCL 125.2088a,
the state treasurer shall transfer and disburse appropriated funds
from the 21st century jobs trust fund only for the purpose of
carrying out and at the specified time and as necessary to
implement chapter 8A of the Michigan strategic fund act, 1984 PA
270, MCL 125.2088 to 125.2088p, and chapter 8B of the Michigan
strategic fund act, 1984 PA 270.