MI HB6391

Creates the Detroit College Promise Fund within the Department of Treasury to provide funding for the Detroit College Promise scholarship program.

State Treasurer credits to the fund all amounts appropriated under section 435 of the 1967 Income Tax Act and money from other sources.

State Treasurer directs investment of the fund, which consists of appropriated money, interest, earnings, and donations from any source.

Fund money does not lapse to the general fund at year's end and shall be expended solely for donations to the Detroit College Promise scholarship program.

Money available for distribution must be appropriated annually; gifts and donations to the fund become available for distribution upon appropriation.