PROPOSAL 02-2

A PROPOSAL TO ALLOW CERTAIN PERMANENT AND
ENDOWMENT FUNDS TO BE INVESTED AS PROVIDED BY LAW AND INCREASE ALLOWED SPENDING FOR STATE PARKS, LOCAL PARKS AND OUTDOOR RECREATION

The proposed constitutional amendment would:

• Allow certain permanent and endowment funds, including Natural Resources Trust Fund, State Parks Endowment Fund and Veterans Trust Fund, to be invested as provided by law, eliminating prior restriction on investing in stocks.
  
• Increase Natural Resources Trust Fund cap on assets from $400 million to $500 million.
  
• Allow the Natural Resources Trust Fund to continue to annually expend up to 33-1/3% of Fund royalties or other revenues, up to a new asset cap of $500 million.
  
• Increase allowed State Parks Endowment Fund spending to include interest and earnings and up to 50% of funds received from Natural Resources Trust Fund.

Should this proposal be adopted?

Yes  __

No   __

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Analysis provided by Citizens Research Council of Michigan