An act to amend 1972 PA 239, entitled “An act to establish and operate a state lottery and to allow state participation in certain lottery-related joint enterprises with other sovereignties; to create a bureau of state lottery and to prescribe its powers and duties; to prescribe certain powers and duties of other state departments and agencies; to license and regulate certain sales agents; to create funds; to provide for the distribution of lottery revenues and earnings for certain purposes; to provide for an appropriation; and to provide for remedies and penalties,” by amending section 41 (MCL 432.41), as amended by 2009 PA 25.
The bill outlines the creation and management of the state lottery fund within the Department of Treasury. The fund will consist of all revenues from state lottery ticket sales, other credited funds, and interest earnings. The net revenue from joint enterprises will also be deposited into this fund. The state treasurer is granted investment authority over the fund, similar to their authority over retirement system funds, and may invest in state-issued obligations if they meet certain return criteria. Additionally, the treasurer must comply with the Divestment from Terror Act when making investments.
Introduced
by
Referred to the Committee on Appropriations
Discharged from committee
Referred to the Committee of the Whole
Reported without amendment
Passed in the Senate 20 to 18 (details)
Referred to the Committee on Appropriations
Reported without amendment
Passed in the House 58 to 51 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
