Michigan SB1073 modifies the 21st Century Jobs Trust Fund to include specific investment and disbursement rules.

Michigan SB1073 amends sections 7 and 8 of 2000 PA 489 to modify the 21st Century Jobs Trust Fund. The fund, established in the Department of Treasury, consists of donations and proceeds from the sale of tobacco settlement revenues, appropriations from the general fund, and deposits from the Michigan Early Stage Venture Investment Act. The state treasurer must invest the fund's money in authorized investments and separately account for it. The fund's money can be transferred and disbursed only for specified purposes, including the Michigan Innovation Fund Program.

Michigan SB1073 modifies the 21st Century Jobs Trust Fund to include specific investment and disbursement rules.

Michigan SB1073 amends sections 7 and 8 of 2000 PA 489 to modify the 21st Century Jobs Trust Fund. The fund, established in the Department of Treasury, consists of donations and proceeds from the sale of tobacco settlement revenues, appropriations from the general fund, and deposits from the Michigan Early Stage Venture Investment Act. The state treasurer must invest the fund's money in authorized investments and separately account for it. The fund's money can be transferred and disbursed only for specified purposes, including the Michigan Innovation Fund Program.