Bill Text: MI HB5006 | 2023-2024 | 102nd Legislature | Chaptered
Bill Title: State management: funds; funding related to the 21st century jobs trust fund; modify. Amends sec. 7 of 2000 PA 489 (MCL 12.257).
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2023-10-03 - Assigned Pa 139'23 With Immediate Effect [HB5006 Detail]
Download: Michigan-2023-HB5006-Chaptered.html
Act No. 139
Public Acts of 2023
Approved by the Governor
September 29, 2023
Filed with the Secretary of State
September 29, 2023
EFFECTIVE DATE: September 29, 2023
state of michigan
102nd Legislature
Regular session of 2023
Introduced by Rep. Snyder
ENROLLED HOUSE BILL No. 5006
AN ACT to amend 2000 PA 489, entitled “An act to create certain funds; to provide for the allocation of certain revenues among certain funds and for the operation, investment, and expenditure of certain funds; and to impose certain duties and requirements on certain state officials,” by amending section 7 (MCL 12.257), as amended by 2020 PA 171.
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 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 must be separately accounted for by the state treasurer. The state treasurer may invest the 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 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 remains in the 21st century jobs trust fund and does not revert to the general fund.
(4) Interest and earnings from investment of the 21st century jobs trust fund must be deposited in the general fund.
(5) Beginning in fiscal year 2008, and through fiscal year 2026, 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,
must be deposited into the 21st century jobs trust fund.
(6) 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, 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.
This
act is ordered to take immediate effect.
Clerk of the House of Representatives
Secretary of the Senate
Approved___________________________________________
____________________________________________________
Governor
