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MICHIGAN STATUTES AND CODES
Section 722.1023 - Foster care trust fund; creation; interest and earnings; investment; availability of money for disbursement; expenditures; limitation; money remaining at close of year.
Act 525 of 2008
722.1023 Foster care trust fund; creation; interest and earnings; investment; availability of money for disbursement; expenditures; limitation; money remaining at close of year.
Sec. 3.
(1) The foster care trust fund is created in the state treasury as a charitable and educational endowment fund. Money in the fund shall be expended only as provided in this section. The board shall be the administrator of the trust fund for auditing purposes and all powers, purposes, and duties of the fund shall be exercised by the board.
(2) The state treasurer shall credit to the trust fund all amounts appropriated for this purpose under section 435 of the income tax act of 1967, 1967 PA 281, MCL 206.435, any amounts received under section 9 of this act, and interest and earnings accrued from the saving and investment of that money.
(3) The state treasurer shall direct the investment of the trust fund.
(4) Not more than 1/2 of the balance of the money contributed to the trust fund each year, plus the interest and earnings, excluding unrealized gains and losses, credited to the trust fund during the previous fiscal year shall be available for disbursement upon the authorization of the board as provided in section 10.
(5) Money in the trust fund shall be available for disbursement upon appropriation.
(6) No money shall be expended from the fund until the date that the deposits credited into the trust from all sources as provided under this section equal or exceed $800,000.00.
(7) No appropriations shall be made from the fund until the date that the deposits credited into the fund from all sources equal or exceed $800,000.00.
(8) All expenses authorized under this act or necessary to implement this act shall only be funded by the trust fund created in this section.
(9) Money in the trust fund at the close of the year shall remain in the trust fund and shall not lapse to the general fund.
History: 2008, Act 525, Imd. Eff. Jan. 13, 2009