SENATE BILL NO. 541

A bill to create the Michigan National Guard member benefit fund; and to provide for the administration of and distributions from the fund.

the people of the state of michigan enact:

Sec. 1. This act may be cited as the "Michigan National Guard member benefit fund act".

Sec. 2. As used in this act:

(a) "Department" means the department of military and veterans affairs.

(b) "Fund" means the Michigan National Guard member benefit fund created in section 3.

Sec. 3. (1) The Michigan National Guard member benefit fund is created in the state treasury.

(2) The state treasurer shall deposit money and other assets received from any source in the fund. The state treasurer shall direct the investment of money in the fund and credit interest and earnings from the investments to the fund.

(3) Money in the fund at the close of the fiscal year remains in the fund and does not lapse to the general fund.

(4) The department is the administrator of the fund for audits of the fund.

(5) The department shall expend money from the fund, on appropriation, only to support implementing and administering both of the following acts:

(a) The Michigan National Guard tuition assistance act, 2014 PA 259, MCL 32.431 to 32.434.

(b) The Michigan National Guard child care assistance act.

Enacting section 1. This act does not take effect unless all of the following bills of the 103rd Legislature are enacted into law:

(a) Senate Bill No. 540.

(b) Senate Bill No. 542.