12.257 21st century jobs trust fund; establishment; investment; money remaining at close of fiscal year; deposit of interest and earnings; disbursement.

616 words·~3 min read·/mi/chapter-12/12-257

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Sec. 7.

(1)The 21st century jobs trust fund is established in the department of treasury. The 21st century jobs trust fund consists of donations of money made to the 21st century jobs trust fund from any source and all 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.

(c)Amounts deposited in the 21st century jobs trust fund in accordance with section 7(c)(i) or 33 of the Michigan early stage venture investment act of 2003, 2003 PA 296, MCL 125.2237 and 125.2263.

(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 must be separately accounted for by the state treasurer. The state treasurer may invest the money 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 that 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 remains in the 21st century jobs trust fund and does not revert to the general fund.

(4)Interest and earnings from investment of the 21st century jobs trust fund must be deposited in the general fund.

(5)Beginning in fiscal year 2008, and through fiscal year 2026, 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 in section 3 of the Michigan tobacco settlement finance authority act, 2005 PA 226, MCL 129.263, must be deposited into the 21st century jobs trust fund.

(6)The state treasurer shall transfer and disburse money from the 21st century jobs trust fund in accordance with section 8.

History: Add. 2005, Act 232 , Imd. Eff. Nov. 21, 2005 ;-- Am. 2007, Act 50 , Imd. Eff. Aug. 14, 2007 ;-- Am. 2008, Act 99 , Imd. Eff. Apr. 18, 2008 ;-- Am. 2008, Act 256 , Imd. Eff. Aug. 4, 2008 ;-- Am. 2009, Act 62 , Imd. Eff. July 2, 2009 ;-- Am. 2009, Act 183 , Imd. Eff. Dec. 17, 2009 ;-- Am. 2014, Act 186 , Imd. Eff. June 20, 2014 ;-- Am. 2014, Act 504 , Imd. Eff. Jan. 14, 2015 ;-- Am. 2018, Act 577 , Eff. Mar. 29, 2019 ;-- Am. 2020, Act 171 , Imd. Eff. Oct. 1, 2020 ;-- Am. 2023, Act 139 , Imd. Eff. Sept. 29, 2023 ;-- Am. 2024, Act 188 , Eff. Apr. 2, 2025 ;-- Am. 2025, Act 28 , Imd. Eff. Oct. 7, 2025