MICHIGAN VETERANS’ TRUST FUND H.J.R. H (S-2): FLOOR ANALYSIS
House Joint Resolution H (Substitute S-2 as reported) Sponsor: Representative Allen Lowe
House Committee: Senior Citizens and Veterans’ Affairs
Senate Committee: Human Resources, Labor, and Veterans Affairs
The joint resolution proposes an amendment to Article 9 of the State Constitution of 1963, which concerns the State’s financing and taxation powers and responsibilities, to establish constitutionally the Michigan Veterans’ Trust Fund and the Michigan Veterans’ Trust Fund board of trustees.
Under the joint resolution, all money in the Michigan Veterans’ Trust Fund established by Public Act 9 of the First Extra Session of 1946 would have to be transferred to the Trust Fund established by the joint resolution. The Trust Fund also could receive appropriations, money, or other things of value. The State Treasurer would have to direct the Trust Fund’s investment and credit its interest and earnings back to the Fund. Except for the State Treasurer’s investment actions, an expenditure or transfer of a Trust Fund asset, interest, or earnings could be made only upon the authorization of a majority of the members of the Trust Fund’s board of trustees.
The Michigan Veterans’ Trust Fund board of trustees would consist of veterans honorably discharged from the armed services and appointed by the Governor as prescribed by law. The board would have to administer the Trust Fund and could not authorize the expenditure or transfer of Trust Fund assets, interest, or earnings unless the board determined in its discretion and by a majority vote that the expenditure or transfer was for the benefit of veterans or their spouses or dependents.
The proposed amendment would have to be submitted to the people of the State at the next general election.
Legislative Analyst: P. Affholter
The joint resolution would not affect State or local expenditures or the way funds are spent by the Michigan Veterans’ Trust Fund. Currently, the Trust Fund is at its statutorily mandated base amount of $49,000,000.
Date Completed: 3-16-95 Fiscal Analyst: L. Nacionales-Tafoya
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This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.