May 28, 2008, Introduced by Senators CASSIS, BISHOP, BASHAM, CLARKE, THOMAS, HUNTER, ALLEN, KUIPERS, GILBERT, SCOTT and CLARK-COLEMAN and referred to the Committee on Commerce and Tourism.
A bill to amend 2000 PA 489, entitled
"Michigan trust fund act,"
by amending section 7 (MCL 12.257), as amended by 2008 PA 99.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 7. (1) The 21st century jobs trust fund is established in
the department of treasury. The 21st century jobs trust fund shall
consist of donations of money made to the 21st century jobs trust
fund from any source and both of the following:
(a) To the extent provided in section 8(1) of the Michigan
tobacco settlement finance authority act, 2005 PA 226, MCL 129.268,
the net proceeds of the sale of tobacco settlement revenues to the
tobacco settlement finance authority under the Michigan tobacco
settlement finance authority act, 2005 PA 226, MCL 129.261 to
129.279.
(b) Amounts appropriated from the general fund in section
89b(1) of the Michigan strategic fund act, 1984 PA 270, MCL
125.2089b.
(2) The state treasurer shall direct the investment of the
21st century jobs trust fund, which may be invested as part of the
common cash of this state under 1967 PA 55, MCL 12.51 to 12.53, but
shall be separately accounted for by the state treasurer. The state
treasurer may invest the funds or assets of the 21st century jobs
trust fund in any investment authorized under 1855 PA 105, MCL
21.141 to 21.147, for surplus funds of this state, in obligations
issued by any state or political subdivision or instrumentality of
the United States, or in any 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, which are not in default as to principal or
interest.
(3) Except as provided in subsection (4), money in the 21st
century jobs trust fund at the close of a fiscal year shall remain
in the 21st century jobs trust fund and shall not revert to the
general fund.
(4) Interest and earnings from investment of the 21st century
jobs trust fund shall be deposited in the general fund.
(5) Beginning in fiscal year 2008 and through fiscal year
2015, except as provided in subsection (7), each year
$75,000,000.00 of the tobacco settlement revenue received by this
state that is not considered a TSR as that term is defined under
the Michigan tobacco settlement finance authority act, 2005 PA 226,
MCL 129.261 to 129.279, shall be deposited into the 21st century
jobs trust fund.
(6) For the fiscal year ending September 30, 2016 only,
$30,000,000.00 of the tobacco settlement revenue received by this
state that is not considered a TSR as that term is defined under
the Michigan tobacco settlement finance authority act, 2005 PA 226,
MCL 129.261 to 129.279, shall be deposited into the 21st century
jobs trust fund.
(7) For the fiscal year ending September 30, 2009 and the
fiscal year ending September 30, 2010, $25,000,000.00 of the amount
described in subsection (5) for each of those 2 fiscal years shall
be transferred to the general fund to be used, as provided in an
appropriation act, only for costs associated with the expansion or
renovation of a convention facility that is located in a city with
a population of 750,000 or more. The funds described in this
subsection shall only be used if additional public and private
funds are committed in conjunction with a signed written consensus
agreement with interested stakeholders to expand or renovate the
existing convention facility.