April 19, 2016, Introduced by Senator HANSEN and referred to the Committee on Appropriations.
A bill to amend 2000 PA 489, entitled
"Michigan trust fund act,"
by amending sections 2 and 9 (MCL 12.252 and 12.259), section 2 as
amended and section 9 as added by 2005 PA 232, and by adding
section 11.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 2. As used in this act:
(a) "Detroit public schools trust fund" means the Detroit
public schools trust fund created in section 11.
(b) (a)
"Medicaid benefits trust
fund" means the Michigan
medicaid
Medicaid benefits trust fund established in section 5.
(c) (b)
"Medicaid program" means
a program for medical
assistance established under title XIX of the social security act,
chapter
531, 49 Stat. 620, 42 USC 1396 to 1396f,
1396g-1 to 1396r-
6,
and 1396r-8 to 1396v.1396w-5.
(d) (c)
"Medicaid special financing
payments" means the
medicaid
Medicaid special adjustor payments each year authorized in
the department of community health appropriations act.
(e) (d)
"Michigan merit award trust
fund" means the Michigan
merit award trust fund established in section 9.
(f) (e)
"Residual tobacco settlement
revenue" means any
residual interests, as defined by the Michigan tobacco settlement
finance authority act, that are received by this state.
(g) (f)
"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 County circuit
court, docket
no. 96-84281CZ, including any rights to receive money attributable
to the master settlement agreement that has been sold by this
state.
(h) (g)
"21st century jobs trust
fund" means the 21st century
jobs trust fund established in section 7.
Sec. 9. (1) The Michigan merit award trust fund is established
in the department of treasury. The Michigan merit award trust fund
shall consist only of interest and earnings from Michigan merit
award trust fund investments, donations of money made to the trust
fund from any source, and any money allocated as provided by law.
(2) Money in the Michigan merit award trust fund at the close
of a fiscal year shall remain in the Michigan merit award trust
fund and shall not revert to the general fund.
(3) The state treasurer shall direct the investment of the
Michigan merit award trust fund.
(4) Except as otherwise provided in section 7(5) and section
11(6), each fiscal year, 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 allocated to the Michigan
merit award trust fund.
Sec. 11. (1) The Detroit public schools trust fund is created
within the state treasury.
(2) The state treasurer may receive money or other assets from
any source for deposit into the Detroit public schools trust fund.
The state treasurer shall direct the investment of the Detroit
public schools trust fund. The state treasurer shall credit to the
Detroit public schools trust fund interest and earnings from
Detroit public schools trust fund investments.
(3) Money in the Detroit public schools trust fund at the
close of the fiscal year shall remain in the Detroit public schools
trust fund and shall not lapse to the general fund.
(4) The department of treasury shall be the administrator of
the Detroit public schools trust fund for auditing purposes.
(5) The department of treasury shall expend money from the
Detroit public schools trust fund, upon appropriation, as provided
by law.
(6) Beginning in fiscal year 2017 and through fiscal year
2026, each fiscal year $72,000,000.00 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 Detroit public schools trust fund.