Bill Text: MI HB5383 | 2015-2016 | 98th Legislature | Engrossed
Bill Title: Education; financing; community district education trust fund; create. Amends secs. 2 & 9 of 2000 PA 489 (MCL 12.252 & 12.259) & adds sec. 12. TIE BAR WITH: HB 5384'16
Spectrum: Partisan Bill (Republican 4-0)
Status: (Passed) 2016-07-13 - Assigned Pa 193'16 With Immediate Effect [HB5383 Detail]
Download: Michigan-2015-HB5383-Engrossed.html
HB-5383, As Passed House, May 5, 2016
HOUSE BILL No. 5383
February 18, 2016, Introduced by Reps. Price, Garcia, Poleski and Pscholka and referred to the Committee on Appropriations.
(as amended May 5, 2016)
[A bill to amend 2000 PA 489, entitled
"Michigan trust fund act,"
by amending sections 2 and 9 (MCL 12.252 and 12.259), section 2 as
amended by 2005 PA 232, section 9 as added by 2005 PA 232, and by adding
section 12.]
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 2. As used in this act:
(a) "Community district education trust fund" means the
community district education trust fund created in section 12.
(b) (a)
"Medicaid benefits trust
fund" means the Michigan
medicaid
Medicaid benefits trust fund established in section 5.
(c) (b)
"Medicaid program" means
a program for medical
assistance established under title XIX of the social security act,
chapter
531, 49 Stat. 620, 42 USC 1396 to 1396f,
1396g-1 to 1396r-
6,
and 1396r-8 to 1396v.1396w-5.
(d) (c)
"Medicaid special financing
payments" means the
House Bill 5383 as amended May 5, 2016
medicaid
Medicaid special adjustor payments each year authorized in
the department of community health appropriations act.
(e) (d)
"Michigan merit award trust
fund" means the Michigan
merit award trust fund established in section 9.
(e)
"Residual tobacco settlement revenue" means any residual
interests,
as defined by the Michigan tobacco settlement finance
authority
act, that are received by this state.
(f) "Tobacco settlement revenue" means money received by this
state that is attributable to the master settlement agreement
incorporated into a consent decree and final judgment entered into
on December 7, 1998 in Kelly Ex Rel. Michigan v Philip Morris
Incorporated,
et al., Ingham county County circuit
court, docket
no. 96-84281CZ, including any rights to receive money attributable
to the master settlement agreement that has been sold by this
state.
(g) "21st century jobs trust fund" means the 21st century jobs
trust fund established in section 7.
[Sec. 9. (1) The Michigan merit award trust fund is established in the department of treasury. The Michigan merit award trust fund shall consist only of interest and earnings from Michigan merit award trust fund investments, donations of money made to the trust fund from any source, and any money allocated as provided by law.
(2) Money in the Michigan merit award trust fund at the close of a fiscal year shall remain in the Michigan merit award trust fund and shall not revert to the general fund.
(3) The state treasurer shall direct the investment of the Michigan merit award trust fund.
(4) Except as otherwise provided in section 7(5) and section 12(6), each fiscal year, 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 shall be allocated to the Michigan merit award trust fund.]
Sec. 12. (1) The community district education trust fund is
created within the state treasury.
(2) The state treasurer may receive money or other assets from
any source for deposit into the fund. The state treasurer shall
direct the investment of the community district education trust
fund. The state treasurer shall credit to the community district
education trust fund interest and earnings from community district
education trust fund investments.
(3) Money in the community district education trust fund at
the close of the fiscal year shall remain in the community district
education trust fund and shall not lapse to the general fund.
(4) The department of treasury shall be the administrator of
the community district education trust fund for auditing purposes.
(5) The department of treasury shall expend money from the
community district education trust fund, upon appropriation, only
to offset the absence of local school operating revenue in a
community district in the funding of the state portion of
foundation allowances under section 22b of the state school aid act
of 1979, 1979 PA 94, MCL 388.1622b. As used in this subsection,
"community district" means that term as defined in section 3 of the
revised school code, 1976 PA 451, MCL 380.3.
