SB-1108, As Passed Senate, December 6, 2018

 

 

 

 

 

 

 

 

 

 

 

 

SENATE BILL No. 1108

 

 

September 5, 2018, Introduced by Senator STAMAS and referred to the Committee on Appropriations.

 

 

 

     A bill to amend 2000 PA 489, entitled

 

"Michigan trust fund act,"

 

by amending section 7 (MCL 12.257), as amended by 2014 PA 504.

 

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 consists of donations of money made to the 21st century

 

jobs trust fund from any source and 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) Amounts appropriated from the general fund in section

 

89b(1) of the Michigan strategic fund act, 1984 PA 270, MCL

 

125.2089b.

 

     (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 must be separately accounted for by the state treasurer. The

 

state treasurer may invest the funds money 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 that are not in default as

 

to principal or interest. In addition, the state treasurer shall

 

comply with the divestment from terror act, 2008 PA 234, MCL

 

129.291 to 129.301, in making investments under this section.

 

     (3) Except as provided in subsection (4), money in the 21st

 

century jobs trust fund at the close of a fiscal year shall must

 

remain in the 21st century jobs trust fund and shall does not

 

revert to the general fund.

 

     (4) Interest and earnings from investment of the 21st century

 

jobs trust fund shall must be deposited in the general fund. For

 

the fiscal year ending September 30, 2009 only, in addition to any

 

interest and earnings deposited in the general fund under this


subsection, $42,000,000.00 of the funds money in the 21st century

 

jobs trust fund is transferred to and shall must be deposited into

 

the general fund.

 

     (5) Beginning in fiscal year 2008 and through fiscal year

 

2019, 2023, each fiscal 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

 

must be deposited into the 21st century jobs trust fund.

 

     (6) For the fiscal year ending September 30, 2010 only,

 

$9,000,000.00 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 must be used as provided in the state

 

convention facility development act, 1985 PA 106, MCL 207.621 to

 

207.640.

 

     (7) For the fiscal year ending September 30, 2010 only,

 

$37,500,000.00 of the funds money in the 21st century jobs trust

 

fund is transferred to and shall must be deposited into the general

 

fund.

 

     (8) Beginning in fiscal year 2015 and through fiscal year

 

2035, each year $17,500,000.00 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 must be deposited

 

into the countercyclical budget and economic stabilization fund

 

created in section 351 of the management and budget act, 1984 PA


431, MCL 18.1351.