Sec. 9.
(1) The Michigan merit award trust fund is established in the department of treasury. The Michigan merit award trust fund shall consist only of interest and earnings from Michigan merit award trust fund investments, donations of money made to the trust fund from any source, and any money allocated as provided by law.
(2) Money in the Michigan merit award trust fund at the close of a fiscal year shall remain in the Michigan merit award trust fund and shall not revert to the general fund.
(3) The state treasurer shall direct the investment of the Michigan merit award trust fund.
(4) Except as otherwise provided in section 7(5) and section 12(6), each fiscal year, tobacco settlement revenue received by this state that is not considered a TSR as that term is defined under the Michigan tobacco settlement finance authority act shall be allocated to the Michigan merit award trust fund.
History: Add. 2005, Act 232, Imd. Eff. Nov. 21, 2005 ;-- Am. 2016, Act 193, Imd. Eff. June 21, 2016
Structure Michigan Compiled Laws
Act 489 of 2000 - Michigan Trust Fund Act (12.251 - 12.262)
Section 12.253 - Michigan Opioid Healing and Recovery Fund.
Section 12.254 - Strategic Outreach and Attraction Reserve Fund.
Section 12.255 - Michigan Medicaid Benefits Trust Fund.
Section 12.256 - Expenditure of Medicaid Benefits Trust Fund Revenues.
Section 12.258 - Transfer and Disbursement of Funds; Purpose.
Section 12.260 - Michigan Merit Award Trust Fund; Disbursement of Funds; Purpose.