Bill Text: MI SB0381 | 2011-2012 | 96th Legislature | Chaptered
Bill Title: Income tax; other; special Olympics Michigan fund; create. Creates new act. TIE BAR WITH: HB 4632'11
Spectrum: Slight Partisan Bill (Republican 23-9)
Status: (Passed) 2012-06-06 - Assigned Pa 0155'12 With Immediate Effect [SB0381 Detail]
Download: Michigan-2011-SB0381-Chaptered.html
Act No. 155
Public Acts of 2012
Approved by the Governor
June 5, 2012
Filed with the Secretary of State
June 5, 2012
EFFECTIVE DATE: June 5, 2012
STATE OF MICHIGAN
96TH LEGISLATURE
REGULAR SESSION OF 2012
Introduced by Senators Jones, Rocca, Emmons, Hildenbrand, Hune, Hansen, Gregory, Gleason, Brandenburg, Green, Nofs, Kahn, Proos, Pavlov, Anderson, Bieda, Booher, Caswell, Colbeck, Hopgood, Hunter, Jansen, Johnson, Kowall, Marleau, Meekhof, Moolenaar, Pappageorge, Richardville, Schuitmaker, Warren and Whitmer
ENROLLED SENATE BILL No. 381
AN ACT to establish the special Olympics Michigan fund in the department of treasury; to provide for the distribution of the money from the fund; to prescribe the powers and duties of certain agencies and officials; and to provide for appropriations.
The People of the State of Michigan enact:
Sec. 1. This act shall be known and may be cited as the “special Olympics Michigan fund act”.
Sec. 3. As used in this act:
(a) “Department” means the department of treasury.
(b) “Fund” means the special Olympics Michigan fund created in section 5.
Sec. 5. (1) The special Olympics Michigan fund is created in the department to provide funds for donation to the special Olympics Michigan. The department shall be the administrator of the fund for auditing purposes.
(2) The state treasurer shall credit to the fund all amounts appropriated for this purpose under section 435 of the income tax act of 1967, 1967 PA 281, MCL 206.435, and money from any other source for deposit into the fund.
(3) The state treasurer shall direct the investment of the fund. The fund shall consist of the money credited to the fund pursuant to section 435 of the income tax act of 1967, 1967 PA 281, MCL 206.435, any interest and earnings accruing from the saving and investment of that money, and money from any other source.
(4) Money in the fund at the close of the year shall remain in the fund and shall not lapse to the general fund.
Sec. 7. The money, interest, and earnings of the fund shall be expended solely for donation to special Olympics Michigan.
Sec. 9. The money in the fund that is available for distribution shall be appropriated each year. Money granted or received as a gift or donation to the fund is available for distribution upon appropriation.
Enacting section 1. This act does not take effect unless House Bill No. 4632 of the 96th Legislature is enacted into law.
This act is ordered to take immediate effect.
Secretary of the Senate
Clerk of the House of Representatives
Approved
Governor
