Bill Text: MI HB5602 | 2021-2022 | 101st Legislature | Engrossed
Bill Title: Economic development: other; fund for Michigan competes for jobs account; create, and provide oversight within the department of labor and economic opportunity. Amends sec. 2 of 2000 PA 489 (MCL 12.252) & adds sec. 4. TIE BAR WITH: HB 4082'21
Spectrum: Partisan Bill (Republican 4-0)
Status: (Engrossed - Dead) 2021-12-09 - Referred To Committee Of The Whole [HB5602 Detail]
Download: Michigan-2021-HB5602-Engrossed.html
Substitute For
HOUSE BILL NO. 5602
A bill to amend 2000 PA 489, entitled
"Michigan trust fund act,"
by amending section 2 (MCL 12.252), as amended by 2020 PA 359, and by adding section 4.
the people of the state of michigan enact:
(a) "Community district education trust fund" means the community district education trust fund created in section 12.
(b) "Flint settlement trust fund" means the Flint settlement trust fund created in section 11.
(c) "Medicaid benefits trust fund" means the Michigan Medicaid benefits trust fund established in section 5.
(d) "Medicaid program" means a program for medical assistance established under title XIX of the social security act, 42 USC 1396 to 1396w-5.
(e) "Medicaid special financing payments" means the Medicaid special adjustor payments each year authorized in the department of health and human services appropriations act.
(f) "Michigan merit award trust fund" means the Michigan merit award trust fund established in section 9.
(g) "Strategic outreach and attraction reserve fund" means the strategic outreach and attraction reserve fund created in section 4.
(h) (g) "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 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.
(i) (h) "21st century jobs trust fund" means the 21st century jobs trust fund established in section 7.
Sec. 4. (1) The strategic outreach and attraction reserve fund is created in the department of labor and economic opportunity.
(2) The state treasurer shall deposit money and other assets received from state appropriations or from any other source in the strategic outreach and attraction reserve fund. The state treasurer shall direct the investment of money in the strategic outreach and attraction reserve fund and interest and earnings from the investments must be deposited in the strategic outreach and attraction reserve fund. Money in the strategic outreach and attraction reserve fund that is restricted at the close of the fiscal year must remain in the strategic outreach and attraction reserve fund and does not lapse to the general fund.
(3) The department of labor and economic opportunity is the administrator of the strategic outreach and attraction reserve fund for audits of the strategic outreach and attraction reserve fund.
(4) Money must be expended from the strategic outreach and attraction reserve fund, only pursuant to an appropriation as provided by law or by a legislative transfer under section 393(2) of the management and budget act, 1984 PA 431, MCL 18.1393, and only expended for 1 or more of the following purposes:
(a) For deposit into the critical industry fund as provided in section 88s of the Michigan strategic fund act, 1984 PA 270, MCL 125.2088s.
(b) For deposit into the Michigan strategic site readiness fund as provided in section 88t of the Michigan strategic fund act, 1984 PA 270, MCL 125.2088t.
(5) Not later than March 15 of each year, the department of labor and economic opportunity shall transmit to each member of the legislature, the governor, the clerk of the house of representatives, the secretary of the senate, and the senate and house fiscal agencies a report on the activities of the strategic outreach and attraction reserve fund.
Enacting section 1. This amendatory act does not take effect unless House Bill No. 4082 of the 101st Legislature is enacted into law.
