SENATE BILL NO. 1031

A bill to amend 1976 PA 390, entitled

"Emergency management act,"

(MCL 30.401 to 30.421) by amending the title, as amended by 2006 PA 267, and by adding section 11b.

the people of the state of michigan enact:

TITLE

An act to provide for planning, mitigation, response, and recovery from natural and human-made disaster within and outside this state; to create the Michigan emergency management advisory council and prescribe its powers and duties; to prescribe the powers and duties of certain state and local agencies and officials; to prescribe immunities and liabilities; to provide for the acceptance of gifts; to create certain funds; and to repeal acts and parts of acts.

Sec. 11b. (1) The Michigan safeguarding tomorrow revolving loan fund is created within the state treasury. The state treasurer may receive money or other assets from any source for deposit into the fund. The state treasurer shall direct the investment of the fund. The state treasurer shall credit to the fund interest and earnings from fund investments. Money in the fund at the close of the fiscal year remains in the fund and does not lapse to the general fund. The department is the administrator of the fund.

(2) The department shall expend money from the fund on appropriation in accordance with the requirements and objectives of the safeguarding tomorrow through ongoing risk mitigation act, Public Law 116-284. The department may expend all money in the fund per year in accordance with this subsection.

(3) As used in this section, "fund" means the Michigan safeguarding tomorrow revolving loan fund created in subsection (1).