State management: funds; money in the 21st century jobs trust fund; modify disbursement of. Amends sec. 7 of 2000 PA 489 (MCL 12.257).
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill modifies how funds are managed and disbursed within the 21st Century Jobs Trust Fund, which receives money from tobacco settlement revenues and other sources. It establishes rules for investing the trust fund’s money and outlines specific amounts of tobacco settlement revenue that must be deposited into the fund during certain fiscal years. Additionally, it directs a portion of the fund’s earnings to the general fund and specifies the allocation of tobacco revenue to a countercyclical budget fund.
Key provisions
- The 21st Century Jobs Trust Fund is established within the Department of Treasury.
- The fund receives money from tobacco settlement revenues, state general funds, and venture investment activity.
- The state treasurer manages the investment of the trust fund’s assets, subject to certain investment restrictions.
- Interest and earnings from investments are deposited into the general fund.
- Specific amounts of tobacco settlement revenue are required to be deposited into the trust fund annually between 2008 and 2026 and 2015 and 2035.
- A portion of tobacco revenue is directed to a countercyclical budget fund.
- Money in the trust fund does not revert to the general fund at the end of a fiscal year.
- The state treasurer is responsible for transferring and disbursing funds from the trust fund.
Who is affected
- State Treasury Department
Bill text
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Document of record
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- Senate Introduced Bill
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