May 16, 2018, Introduced by Senator CASPERSON and referred to the Committee on Oversight.
A bill to amend 1984 PA 22, entitled
"Michigan civilian conservation corps act,"
by amending section 12a (MCL 409.312a), as amended by 2012 PA 578.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 12a. (1) The Michigan civilian conservation corps
endowment fund is created within the state treasury.
(2) The state treasurer may receive money or other assets from
any source for deposit into the endowment fund. The state treasurer
shall direct the investment of the endowment fund. The state
treasurer shall have the same authority to invest the assets of the
endowment fund as is granted to an investment fiduciary under the
public employee retirement system investment act, 1965 PA 314, MCL
38.1132
to 38.1140m. 38.1141. The state treasurer shall credit to
the endowment fund interest and earnings from endowment fund
investments.
(3) Money in the endowment fund at the close of the fiscal
year shall remain in the endowment fund and shall not lapse to the
general fund.
(4) The department shall be the administrator of the fund for
auditing purposes.
(5) The department shall expend only the interest and earnings
of the endowment fund for the operation of the corps.
(6)
The department shall annually prepare a report containing
an
accounting of revenues and expenditures from the endowment fund.
This
report shall identify the interest and earnings of the
endowment
fund from the previous year, the investment performance
of
the endowment fund during the previous year, and the total
amount
of appropriations from the endowment fund during the
previous
year. This report shall be provided to the senate and
house
of representatives appropriations committees and the standing
committees
of the senate and house of representatives with
jurisdiction
over issues pertaining to natural resources and the
environment.
Enacting section 1. This amendatory act takes effect 90 days
after the date it is enacted into law.