Bill Text: MI HB5239 | 2009-2010 | 95th Legislature | Introduced

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Bill Title: Transportation; funds; investment procedures; expand. Amends title & sec. 10 of 1941 PA 258 (MCL 21.110).

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2009-08-19 - Printed Bill Filed 08/12/2009 [HB5239 Detail]

Download: Michigan-2009-HB5239-Introduced.html

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HOUSE BILL No. 5239

 

August 11, 2009, Introduced by Rep. Opsommer and referred to the Committee on Transportation.

 

     A bill to amend 1941 PA 258, entitled

 

"An act to simplify the accounting procedures of the state; to

provide for the state funds through which all state accounting or

bookkeeping transactions are to be recorded; to provide for the

discontinuance or merging of certain state funds; to adjust the

accounting of payments into the highway bond sinking fund on a

fiscal year basis; and to repeal all acts and parts of acts

inconsistent with the provisions of this act,"

 

by amending the title and section 10 (MCL 21.110).

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

TITLE

 

     An act to simplify the accounting procedures of the state; to

 

provide for the state funds through which all state accounting or

 

bookkeeping transactions are to be recorded and for a common rate

 

of interest to be credited; to provide for the discontinuance or

 

merging of certain state funds; and to adjust the accounting of

 

payments into the highway bond sinking fund on a fiscal year basis;

 

and to repeal all acts and parts of acts inconsistent with the

 

provisions of this act provide for certain duties of the state

 

auditor general.

 

     Sec. 10. (1) The assets of the state treasurer's common cash

 

fund shall consist of :

 

     (a) Such the remaining cash of the several state funds as may

 

have been deposited by the state treasurer in 1 or more common bank

 

depositories commingled with the cash of any other fund or funds in

 

such these depositories or held by the state treasurer for eventual

 

deposit in such these depositories .

 

     (b) The and the cash overdrafts due from such the state funds

 

for which expenditures from such the commingled depositories had

 

exceeded the cash deposited or placed to their respective credit in

 

such the depositories.

 

     (2) The liabilities of the state treasurer's common cash fund

 

shall comprise the equities of such the state funds for which the

 

aggregate of the cash deposited or placed to their respective

 

credit in the state treasurer's common cash fund has exceeded the

 

cash expended for their account. therefrom.

 

     (3) Notwithstanding any other law to the contrary, all cash

 

and other assets of the state funds that are deposited by the state

 

treasurer into the common cash fund shall be credited with the same

 

rate of investment interest. To the extent that the various state

 

funds need to be treated as trust funds to be credited with a

 

common interest rate under this act, the state treasurer shall

 

treat the various state funds as trust funds. If it is necessary to

 

treat all funds as uncapped funds in order for the applied and

 

credited interest rates to be equal for purposes of credit to the

 

various state funds, the state treasurer shall treat all state

 

funds in the common cash fund as uncapped.

 

     (4) The auditor general shall investigate the practice of

 

crediting different interest rates to the various state funds when

 

money collected for the various state funds is deposited in the

 

common cash funds and similar practices and shall report to the

 

legislature on its findings within 180 days of the amendatory act

 

that added this subsection.