HB-4817, As Passed Senate, June 1, 2016

SENATE SUBSTITUTE FOR

HOUSE BILL NO. 4817

     A bill to establish the Michigan junior achievement 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

"Michigan junior achievement fund act".

     Sec. 3. As used in this act:

     (a) "Department" means the department of treasury.

     (b) "Fund" means the Michigan junior achievement fund created

in section 5.

     Sec. 5. (1) The Michigan junior achievement fund is created in

the department to provide funds for donation to any junior

achievement organization located in this state to assist each

organization in achieving its goals of inspiring and preparing

young people to succeed in a global economy by showing them how to

generate wealth and effectively manage it, how to create jobs which

make their communities more robust, and how to apply

entrepreneurial thinking to the workplace. 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.

     (3) 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 other appropriations, money, or other

things of value received by the fund.

     (4) The state treasurer shall direct the investment of the

fund.

     Sec. 7. (1) The money, interest, and earnings of the fund

shall be expended solely for the purposes described in this act.

     (2) Money granted or received as a gift or donation to the

fund is available for distribution upon appropriation.

     (3) The department shall distribute the funds to the Junior

Achievement of Michigan Great Lakes organization for distribution

to other junior achievement organizations in this state.

     Sec. 9. Money from the fund may be used as matching funds for

a federal grant if those funds are to be used for financial

literacy, entrepreneurship, and workforce readiness with junior

achievement organizations in this state and for the purposes

described under section 5.

     Sec. 11. The money in the fund that is available for

distribution shall be appropriated each year. Money in the fund at

the close of the year shall remain in the fund and shall not lapse

to the general fund.

     Enacting section 1. This act does not take effect unless House

Bill No. 4818 of the 98th Legislature is enacted into law.