Bill Text: MI SB0659 | 2015-2016 | 98th Legislature | Engrossed
Bill Title: Children; foster care; fostering futures scholarship trust fund; expand investment options. Amends sec. 3 of 2008 PA 525 (MCL 722.1023).
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2016-05-31 - Assigned Pa 0139'16 With Immediate Effect [SB0659 Detail]
Download: Michigan-2015-SB0659-Engrossed.html
SB-0659, As Passed Senate, January 28, 2016
SUBSTITUTE FOR
SENATE BILL NO. 659
A bill to amend 2008 PA 525, entitled
"Fostering futures scholarship trust fund act,"
by amending section 3 (MCL 722.1023), as amended by 2014 PA 530.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 3. (1) The fostering futures scholarship trust fund is
created in the state treasury as a charitable and educational
endowment fund. Money in the trust fund shall be expended only as
provided in this section. The department shall be the administrator
of the trust fund for auditing purposes and all powers, purposes,
and duties of the trust fund shall be exercised by the department.
(2) The state treasurer shall credit to the trust fund any
amounts received under section 9 and interest and earnings accrued
from the saving and investment of that money.
(3) The state treasurer shall direct the investment of the
trust fund. The state treasurer has the same authority to invest
the assets of the trust fund as is granted to an investment
fiduciary under the public employee retirement system investment
act, 1965 PA 314, MCL 38.1132 to 38.1141. The state treasurer shall
comply with the divestment from terror act, 2008 PA 234, MCL
129.291 to 129.301, in making investments under this act.
(4) Except as provided in subsections (6) and (7), all money
contributed to the fund annually, plus 5% of the 12-quarter rolling
average of the fund, including unrealized gains and losses, shall
be available for disbursement upon the authorization of the
department as provided in section 10.
(5) Money in the trust fund shall be available for
disbursement upon appropriation.
(6) No money shall be expended from the trust fund until the
date that the deposits credited into the trust fund from all
sources as provided under this section equal or exceed $500,000.00.
No money shall be expended from the trust fund if the amount in the
trust fund is less than $500,000.00 or if the expenditure will
cause the amount remaining in the trust fund to be less than
$500,000.00.
(7) No appropriations shall be made from the trust fund until
the date that the deposits credited into the trust fund from all
sources equal or exceed $500,000.00. No money shall be appropriated
from the trust fund if the amount in the trust fund is less than
$500,000.00 or if the appropriation will cause the amount remaining
in the trust fund to be less than $500,000.00.
(8) All expenses authorized under this act or necessary to
implement this act shall only be funded by the trust fund created
in this section.
(9) Money in the trust fund at the close of the year shall
remain in the trust fund and shall not lapse to the general fund.
(10) The trust fund administrative costs shall not exceed 15%
of the amount in the trust fund over $500,000.00.
Enacting section 1. This amendatory act takes effect 90 days
after the date it is enacted into law.
