SB-0931, As Passed Senate, December 21, 2018

HOUSE SUBSTITUTE FOR

SENATE BILL NO. 931

     A bill to amend 1994 PA 451, entitled

"Natural resources and environmental protection act,"

by amending section 74119 (MCL 324.74119), as amended by 2002 PA

54.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     Sec. 74119. (1) In accordance with section 35a of article IX

of the state constitution of 1963, the Michigan state parks

endowment fund is created within the state treasury. The Michigan

state parks endowment fund may be referred to as the Genevieve

Gillette state parks endowment fund.

     (2) The state treasurer may receive money or other assets from

any source for deposit into the endowment fund. The state treasurer

shall direct the investment of the endowment fund. The state

treasurer shall have the same authority to invest the assets of the

endowment 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. 38.1141. The state treasurer shall credit to

the endowment fund interest and earnings from endowment fund

investments.

     (3) Money in the endowment fund at the close of the fiscal

year shall remain in the endowment fund and shall not lapse to the

general fund.

     (4) The accumulated principal of the endowment fund shall not

exceed $800,000,000.00, which amount shall be annually adjusted

pursuant to the Detroit consumer price index—all Consumer Price

Index—all items beginning when the endowment fund reaches

$800,000,000.00. This annually adjusted figure is the accumulated

principal limit of the endowment fund.

     (5) Money in the endowment fund shall be expended for

operations, maintenance, and capital all of the following:

     (a) Capital improvements at Michigan state parks. and for the

acquisition

     (b) Operations and maintenance at Michigan state parks.

     (c) Acquisition of land or rights in land for Michigan state

parks.

     (d) Administration of the endowment fund.

     (6) Not less than 20% of the money made available for

expenditure from the endowment fund from any state fiscal year

shall be expended under subsection (5)(a) for capital improvements

at Michigan State Parks.

(7) (6) Money in the endowment fund shall be expended as

follows:

     (a) Until the endowment fund reaches an accumulated principal

of $800,000,000.00, each state fiscal year the legislature may

appropriate not more than 50% of the money received under section

35 of article IX of the state constitution of 1963 plus interest

and earnings and any private contributions or other revenue to the

endowment fund.

     (b) Once the accumulated principal in the endowment fund

reaches $800,000,000.00, only the interest and earnings of the

endowment fund in excess of the amount necessary to maintain the

endowment fund's accumulated principal limit shall be expended.

(8) (7) Unexpended appropriations of the endowment fund from

any state fiscal year as authorized by this section may be carried

forward or may be appropriated as determined by the legislature for

purposes of this section.

(9) (8) The department shall annually prepare a report

containing an accounting of revenues and expenditures from the

endowment fund. This report shall identify the interest and

earnings of the endowment fund from the previous year, the

investment performance of the endowment fund during the previous

year, and the total amount of appropriations from the endowment

fund during the previous year. This report shall be provided to the

senate and house of representatives appropriations committees and

the standing committees of the senate and house of representatives

with jurisdiction over issues pertaining to natural resources and

the environment.

     Enacting section 1. This amendatory act does not take effect

unless all of the following bills of the 99th Legislature are

enacted into law:

     (a) Senate Bill No. 763.

     (b) Senate Bill No. 932.

     Enacting section 2. This amendatory act does not take effect

unless Senate Joint Resolution O of the 99th Legislature becomes a

part of the state constitution of 1963 as provided in section 1 of

article XII of the state constitution of 1963.