SB-0269, As Passed Senate, December 19, 2014

HOUSE SUBSTITUTE FOR

SENATE BILL NO. 269

     A bill to amend 2000 PA 489, entitled

"Michigan trust fund act,"

by amending sections 7 and 8 (MCL 12.257 and 12.258), section 7 as

amended by 2014 PA 186 and section 8 as amended by 2011 PA 254.

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. In addition, 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 section.

     (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. For the

fiscal year ending September 30, 2009 only, in addition to any

Senate Bill No. 269 (H-3) as amended December 16, 2014

interest and earnings deposited in the general fund under this

subsection, $42,000,000.00 of the funds in the 21st century jobs

trust fund is transferred to and shall be deposited into the

general fund.

     (5) Beginning in fiscal year 2008 and through fiscal year

2015, 2019, each fiscal 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,

$72,000,000.00 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) (7) For the fiscal year ending September 30, 2010 only,

$9,000,000.00 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 used as provided in the state

convention facility development act, 1985 PA 106, MCL 207.621 to

207.640.

(7) (8) For the fiscal year ending September 30, 2010 only,

$37,500,000.00 of the funds in the 21st century jobs trust fund is

transferred to and shall be deposited into the general fund.

Senate Bill No. 269 (H-3) as amended December 16, 2014

(8) (9) Beginning in fiscal year 2015 and through fiscal year

2035, each year $17,500,000.00 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 countercyclical budget and economic stabilization fund created

in section 351 of the management and budget act, 1984 PA 431, MCL

18.1351.

     Sec. 8. (1) Upon request from the fund board as defined in

section 88a of the Michigan strategic fund act, 1984 PA 270, MCL

125.2088a, except as provided in subsections (2) and (3), the state

treasurer shall transfer and disburse appropriated funds from the

21st century jobs trust fund only for the purpose of carrying out

and at the specified time and as necessary to implement chapter 8A

of programs under [CHAPTER 8A, CHAPTER 8B, AND CHAPTER 8C OF] the

Michigan strategic fund act, 1984 PA 270, MCL

[125.2088 to 125.2088q.125.2090D. ]

     (2) The state treasurer shall transfer and disburse the

amounts described in section 7(1)(b) for the purposes described in

chapter 8B of the Michigan strategic fund act, 1984 PA 270, MCL

125.2089 to 125.2089d, as provided by an appropriation.

     (3) The state treasurer shall transfer and disburse funds

described in section 7(1) for the purposes described in chapter 8C

of the Michigan strategic fund act, 1984 PA 270, MCL 125.2090 to

125.2090d, as provided by an appropriation.