Modifies the Michigan Trust Fund Act to adjust the community district education trust fund's funding and usage.

The bill amends the Michigan Trust Fund Act to modify the community district education trust fund. It sets a cap on the fund's total amount at $617,000,000.00 and mandates that $72,000,000.00 of tobacco settlement revenue be deposited into the fund annually starting in fiscal year 2017. The fund's purpose is to offset the absence of local school operating revenue in community districts for state portion of foundation allowances. The Department of Treasury administers the fund for auditing purposes.

Modifies the Michigan Trust Fund Act to adjust the community district education trust fund's funding and usage.

The bill amends the Michigan Trust Fund Act to modify the community district education trust fund. It sets a cap on the fund's total amount at $617,000,000.00 and mandates that $72,000,000.00 of tobacco settlement revenue be deposited into the fund annually starting in fiscal year 2017. The fund's purpose is to offset the absence of local school operating revenue in community districts for state portion of foundation allowances. The Department of Treasury administers the fund for auditing purposes.