September 10, 2008, Introduced by Senators CASSIS, GEORGE, GARCIA, McMANUS, JANSEN, GILBERT, VAN WOERKOM, JELINEK, PAPPAGEORGE, KUIPERS, ALLEN and KAHN and referred to the Committee on Finance.
A bill to establish the Michigan higher education fund in the
department of treasury; to provide for the distribution of the
money from the fund; to prescribe the powers and duties of certain
agencies and officials; and to provide for appropriations.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 1. This act shall be known and may be cited as the
"Michigan higher education fund act".
Sec. 3. As used in this act:
(a) "Department" means the department of treasury.
(b) "Fund" means the Michigan higher education fund created in
section 5.
(c) "Institution of higher education" means an institution of
higher education or a community or junior college described in
section 4, 5, 6, or 7 of article VIII of the state constitution of
1963 or an independent nonprofit degree-granting institution of
postsecondary education in this state that is approved by the state
board of education.
Sec. 5. (1) The Michigan higher education fund is created in
the department to provide funds to supplement state appropriations
for the state institutions of higher education and certain state
purposes related to education each fiscal year. The department
shall be the administrator of the fund for auditing purposes.
(2) The state treasurer shall credit to the fund all amounts
appropriated for this purpose under section 435 of the income tax
act of 1967, 1967 PA 281, MCL 206.435, and money from any other
source for deposit into the fund.
(3) The state treasurer shall direct the investment of the
fund. The fund shall consist of the money credited to the fund
pursuant to section 435 of the income tax act of 1967, 1967 PA 281,
MCL 206.435, any interest and earnings accruing from the saving and
investment of that money, and money from any other source.
(4) Money in the fund at the close of the year shall remain in
the fund and shall not lapse to the general fund.
Sec. 7. The money, interest, and earnings of the fund shall be
expended solely to supplement state appropriations for the state
institutions of higher education and certain state purposes related
to education.
Sec. 9. The money in the fund that is available for
distribution shall be appropriated each year. Money granted or
received as a gift or donation to the fund is available for
distribution upon appropriation.
Enacting section 1. This act does not take effect unless
Senate Bill No. 1481 of
the 94th Legislature is enacted into law.