MI SB1108

Establishes the 21st century jobs trust fund in the department of treasury, funded by donations and net proceeds from tobacco settlement revenues sold to the tobacco settlement finance authority.

Requires the state treasurer to invest fund assets separately, with flexibility to invest in authorized state surplus fund investments, obligations from states or political subdivisions, or solvent entities that are not in default.

Deposits interest and earnings from fund investments into the general fund; provides for specific one-time transfers of $42,000,000 to the general fund (fiscal year 2009) and $37,500,000 (fiscal year 2010).

Mandates annual deposits of $75,000,000 in tobacco settlement revenue into the 21st century jobs trust fund from fiscal year 2008 through fiscal year 2023.

Requires annual deposits of $17,500,000 in tobacco settlement revenue into the countercyclical budget and economic stabilization fund from fiscal year 2015 through fiscal year 2035.