Michigan Laws 333.5863 – Duties of department of treasury
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 333.5863
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiduciary: A trustee, executor, or administrator.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) The department of treasury shall do all of the following:
(a) Receive money granted to this state by the federal government under this part.
(b) Receive payments as provided in section 5841 and keep that money in the parent participation fund.
(c) Disburse money from the funds on certification by the department.
(2) The state treasurer shall direct the investment of the children with special needs fund. The state treasurer has the same authority to invest assets of the children with special needs fund as is granted to an investment fiduciary that is investing assets under the public employee retirement system investment act, 1965 PA 314, MCL 38.1132 to 38.1141. The state treasurer shall comply with the divestment from terror act, 2008 PA 234, MCL 129.291 to 129.301, in making investments under this subsection.