MI SB0895

Amends the Michigan Trust Fund Act (2000 PA 489) to add definitions including "Detroit public schools trust fund" in Section 2.

Creates a new Detroit public schools trust fund within the state treasury in Section 11, allowing the state treasurer to receive money from any source for deposit and directing investment of fund assets.

Requires $72,000,000 annually from tobacco settlement revenue (fiscal years 2017-2026) to be deposited into the Detroit public schools trust fund.

Specifies that money in the Detroit public schools trust fund shall not lapse to the general fund at fiscal year-end and can only be expended upon appropriation as provided by law.

Modifies Section 9 regarding the Michigan Merit Award Trust Fund to clarify that non-TSR tobacco settlement revenue shall be allocated to that fund, except for amounts directed to the Detroit public schools trust fund.