SENATE BILL NO. 1215

A bill to amend 2000 PA 489, entitled

"Michigan trust fund act,"

(MCL 12.251 to 12.262) by adding section 8a.

the people of the state of michigan enact:

Sec. 8a. (1) The opportunity endowment trust fund is created within the state treasury.

(2) The state treasurer may receive money or other assets from any source for deposit into the fund. The state treasurer shall direct the investment of the opportunity endowment trust fund. The state treasurer shall credit to the opportunity endowment trust fund interest and earnings from opportunity endowment trust fund investments.

(3) Money in the opportunity endowment trust fund at the close of the fiscal year shall remain in the opportunity endowment trust fund and shall not lapse to the general fund.

(4) The department of treasury shall be the administrator of the opportunity endowment trust fund for auditing purposes.

(5) The department of treasury shall expend money from the opportunity endowment trust fund, upon appropriation, only to address the following systemic inequities exacerbated by COVID-19:

(a) Health disparities. Close the gap on co-morbidities.

(b) Unemployment or underemployment workforce development. Eliminate barriers to more stable employment. Create specific targeted programming to provide sustainable living wage employment.

(c) Small business development. Provide increased capitalization. Provide access to short-term and long-term capital. Target resources to support diversification.