Bill Text: MI SB0562 | 2023-2024 | 102nd Legislature | Engrossed

Michigan Senate Bill 562

Bill Title: State management: funds; strategic outreach and attraction reserve fund; modify. Amends secs. 2 & 4 of 2000 PA 489 (MCL 12.252 & 12.254). TIE BAR WITH: SB 0559'23

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed) 2024-03-20 - Referred To Committee On Economic Development And Small Business [SB0562 Detail]

Download: Michigan-2023-SB0562-Engrossed.html

Substitute For

SENATE BILL NO. 562

A bill to amend 2000 PA 489, entitled

"Michigan trust fund act,"

by amending sections 2 and 4 (MCL 12.252 and 12.254), section 2 as amended by 2023 PA 174 and section 4 as added by 2021 PA 137.

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) "Flint settlement trust fund" means the Flint settlement trust fund created in section 11.

(d) "Make it in Michigan fund" means the make it in Michigan fund created in section 4.

(e) (d) "Medicaid benefits trust fund" means the Michigan Medicaid benefits trust fund established in section 5.

(f) (e) "Medicaid program" means a program for medical assistance established under title XIX of the social security act, 42 USC 1396 to 1396w-6.1396w-7.

(g) (f) "Medicaid special financing payments" means the Medicaid special adjustor payments each year authorized in the department of health and human services appropriations act.

(h) (g) "Michigan merit award trust fund" means the Michigan merit award trust fund established in section 9.

(i) (h) "Michigan opioid healing and recovery fund" means the Michigan opioid healing and recovery fund created in section 3.

(i) "Strategic outreach and attraction reserve fund" means the strategic outreach and attraction reserve fund created in section 4.

(j) "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.

(k) "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 make it in Michigan 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 make it in Michigan fund.

(3) The Subject to subsection (4), the state treasurer shall direct the investment of money in the strategic outreach and attraction reserve make it in Michigan fund and interest and earnings from the investments must be deposited in the strategic outreach and attraction reserve make it in Michigan fund.

(4) The state treasurer may invest money in the make it in Michigan fund as follows:

(a) As part of the common cash of the state under 1967 PA 55, MCL 12.51 to 12.53, but the money must be separately accounted for by the state treasurer.

(b) In an investment authorized under 1855 PA 105, MCL 21.141 to 21.147, for surplus funds of the state.

(d) In an obligation issued, assumed, or guaranteed by a solvent entity created or existing under the laws of the United States or of any state, district, or territory of the United States that is not in default as to principal or interest.

(e) In an investment authorized by law.

(5) Money in the strategic outreach and attraction reserve make it in Michigan fund that is restricted, obligated, or committed at the close of the fiscal year must remain in the strategic outreach and attraction reserve fund and does not lapse lapses to the general fund.

(6) (3) The department of labor and economic opportunity is the administrator of the strategic outreach and attraction reserve make it in Michigan fund for audits of the strategic outreach and attraction reserve make it in Michigan fund.

(7) (4) Money Subject to subsection (8), money must only be expended from the strategic outreach and attraction reserve make it in Michigan fund pursuant to in accordance with an appropriation authorized by law or by a legislative transfer under section 393(2) of the management and budget act, 1984 PA 431, MCL 18.1393, for either any of the following purposes:

(a) For the critical industry program created in section 88s of the Michigan strategic fund act, 1984 PA 270, MCL 125.2088s.

(b) For the Michigan strategic site readiness program created in section 88t of the Michigan strategic fund act, 1984 PA 270, MCL 125.2088t.

(8) Fifty percent of the money deposited in the strategic outreach and attraction reserve fund each fiscal year under section 695 of the income tax act of 1967, 1967 PA 281, MCL 206.695, must be reserved for expenditure for the purpose of the Michigan 360 program created in section 88u of the Michigan strategic fund act, 1984 PA 270, MCL 125.2088u.

(9) (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 make it in Michigan fund.

Enacting section 1. This amendatory act does not take effect unless Senate Bill No. 559 of the 102nd Legislature is enacted into law.