Bill Text: MI HB5680 | 2023-2024 | 102nd Legislature | Introduced
Bill Title: State management: funds; strategic outreach and attraction reserve fund; modify. Amends sec. 4 of 2000 PA 489 (MCL 12.254). TIE BAR WITH: HB 5679'24, HB 5681'24
Spectrum: Partisan Bill (Republican 26-0)
Status: (Introduced) 2024-04-30 - Bill Electronically Reproduced 04/30/2024 [HB5680 Detail]
Download: Michigan-2023-HB5680-Introduced.html
HOUSE BILL NO. 5680
A bill to amend 2000 PA 489, entitled
"Michigan trust fund act,"
by amending section 4 (MCL 12.254), as added by 2021 PA 137.
the people of the state of michigan enact:
Sec. 4. (1) The strategic outreach and attraction reserve fund is created in the department of labor and economic opportunity.
(2) The state treasurer shall deposit money and other assets received from state appropriations or from any other source in the strategic outreach and attraction reserve fund. The state treasurer shall direct the investment of money in the strategic outreach and attraction reserve fund and interest and earnings from the investments must be deposited in the strategic outreach and attraction reserve Michigan transportation fund created in section 10 of 1951 PA 51, MCL 247.660.
(3) Money Except as otherwise provided in subsection (8), money in the strategic outreach and attraction reserve fund that is restricted, obligated, or committed at the close of the fiscal year must remain remains in the strategic outreach and attraction reserve fund and does not lapse to the general fund. Except as otherwise provided in subsection (8), money that is reserved under subsection (6), which remains unobligated or uncommitted at the close of the fiscal year, lapses to the general fund.
(4) (3) The department of labor and economic opportunity is the administrator of the strategic outreach and attraction reserve fund for audits of the strategic outreach and attraction reserve fund.
(5) (4) Money Subject to subsection (6), money must only be expended from the strategic outreach and attraction reserve fund pursuant to in accordance with an appropriation authorized by law or by a legislative transfer under section 393(2) 393(8) of the management and budget act, 1984 PA 431, MCL 18.1393, for either of the following purposes:
(a) For the critical industry program created in section 88s of the Michigan strategic fund act, 1984 PA 270, MCL 125.2088s.
(b) For the Michigan strategic site readiness program created in section 88t of the Michigan strategic fund act, 1984 PA 270, MCL 125.2088t.
(6) At least 50% of the money deposited in the strategic outreach and attraction reserve fund each fiscal year must be reserved for expenditure for the purpose of the Michigan strategic site readiness program created in section 88t of the Michigan strategic fund act, 1984 PA 270, MCL 125.2088t.
(7) (5) Not later than March 15 of each year, the department of labor and economic opportunity shall transmit to each member of the legislature, the governor, the clerk of the house of representatives, the secretary of the senate, and the senate and house fiscal agencies a report on the activities of the strategic outreach and attraction reserve fund.
(8) Any money in the strategic outreach and attraction reserve fund on December 31, 2030 lapses to the general fund and the state treasurer shall close the strategic outreach and attraction reserve fund.
Enacting section 1. This amendatory act does not take effect unless all of the following bills of the 102nd Legislature are enacted into law:
(a) Senate Bill No.____ or House Bill No. 5679 (request no. 05589'24 *).
(b) Senate Bill No.____ or House Bill No. 5681 (request no. 05693'24 *).
