Bill Text: MI HB5770 | 2023-2024 | 102nd Legislature | Introduced

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Bill Title: State management: funds; Michigan mobility trust fund; create. Amends 2000 PA 489 (MCL 12.251 - 12.262) by adding sec. 4a. TIE BAR WITH: SB 0559'23, SB 0562'23, HB 5769'24

Spectrum: Partisan Bill (Democrat 27-0)

Status: (Introduced) 2024-06-11 - Referred To Second Reading [HB5770 Detail]

Download: Michigan-2023-HB5770-Introduced.html

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HOUSE BILL NO. 5770

A bill to amend 2000 PA 489, entitled

"Michigan trust fund act,"

(MCL 12.251 to 12.262) by adding section 4a.

the people of the state of michigan enact:

Sec. 4a. (1) The Michigan mobility trust fund is created in the state treasury.

(2) The state treasurer may receive money or other assets from any source for deposit into the fund, including, but not limited to, money deposited in the fund under section 695a(1)(d) of the income tax act of 1967, 1967 PA 281, MCL 206.695a. The state treasurer shall direct the investment of money in the fund and credit interest and earnings from the investments to the fund.

(3) Money in the fund at the close of the fiscal year remains in the fund and does not lapse to the general fund.

(4) The authority is the administrator of the fund for auditing purposes.

(5) The authority shall expend money from the fund, upon appropriation, only for purposes authorized under the transformational projects authority act.

(6) As used in this section:

(a) "Authority" means the transformational projects authority created under section 5 of the transformational projects authority act.

(b) "Fund" means the Michigan mobility trust fund created in subsection (1).

Enacting section 1. This amendatory act does not take effect unless all of the following bills of the 102nd Legislature are enacted into law:

(a) Senate Bill No. 559.

(b) Senate Bill No. 562.

(c) Senate Bill No.____ or House Bill No. 5768 (request no. 06246'24).

(d) Senate Bill No.____ or House Bill No. 5769 (request no. 06248'24).