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MI SB0588
Bill
AI Summary
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Establishes the 21st century jobs trust fund in the Department of Treasury to consist of donations and tobacco settlement revenues, with funds to be separately accounted for and invested by the state treasurer.
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Deposits $75,000,000 annually into the fund from fiscal years 2008 through 2015 from non-TSR tobacco settlement revenues, with $30,000,000 designated for fiscal year 2016 only.
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Directs $9,000,000 of tobacco settlement revenue for fiscal year 2010 to be used for the state convention facility development act.
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Retains all fund balances in the trust fund at fiscal year end without reversion to the general fund, while directing investment earnings to the general fund.
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Effective July 2, 2009, contingent on enactment of House Bill 4998 and Senate Bills 586 and 587.
Legislative Description
State financing and management; funds; 21st century jobs trust fund; allow certain amount to be appropriated to a regional convention facility authority. Amends sec. 7 of 2000 PA 489 (MCL 12.257). TIE BAR WITH: HB 4998'09, SB 0586'09, SB 0587'09
State financing and management, funds
Last Action
Assigned Pa 0062'09 With Immediate Effect
7/15/2009