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SG-W:/ questions on Proposal 2

Does anybody have any info. on how the investing of these funds will be handled under the proposed system, since it appears that stock investing is 
the going to be the primary vehicle for achieving the growth returns that have been advertised?

-How will the stock investing mechanism be structured?
-Who will maintain/oversee it (and prevent insider investing/fraud)?
-Since these will be stock investments, will the fund ever lose money during a fiscal year (if so, how will these losses be covered, and who is responsible)?

Any information that anyone could provide would be greatly appreciated.
On the surface this plan sounds great, but I the info. that has been provided really doesn't give a full picture.


--On Thursday, July 18, 2002 3:05 PM +0000 BLonik13@aol.com wrote:

On the ballot August 6 is Proposal 2, which if approved would assist land preservation efforts in Washtenaw County and across Michigan.  Here are some FAQs and answers on the proposal.  Please pass on to all interested parties and vote YES on Proposal 2.

Barry Lonik

Frequently Asked Questions About Proposal 2

> What is Proposal 2?
> Proposal 2 is a statewide ballot question that asks voters to amend the
> State Constitution to improve Michiganšs state and local parks and to
> protect our lakes, streams and wildlife.
> When will the vote be held?
> Proposal 2 will appear on the August 6, 2002 statewide Primary Election
> ballot.
> What changes will Proposal 2 make?
> Proposal 2 will 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. Specifically, Proposal 2 will
> make the following changes:  oAllow 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.  oIncrease Natural Resources
> Trust Fund cap on assets from $400 million to $500 million.  oAllow 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.  oIncrease allowed State Parks Endowment Fund spending to
> include interest and earnings and up to 50% of funds received from
> Natural Resources Trust Fund.
> Will Proposal 2 raise my taxes?
> NO. Proposal 2 does not raise taxes and has no affect on personal or
> business taxes because it makes changes to state trust funds and
> endowment funds.
> How will these various Funds be invested under the changes being made by
> Proposal 2?  Proposal 2 will allow the State Treasurer to make prudent
> investments for each of these funds in a manner similar to the
> Treasureršs current investments for the Statešs $46.8 billion pension
> system.
> How will Proposal 2 affect me?
> Many local park and recreation projects depend on the Michigan Natural
> Resources Trust Fund (MNRTF), for financial support and will directly
> benefit from Proposal 2. Over the past 25 years the MNRTF has provided
> more than $540 million for more than 1,290 projects in every county of
> Michigan. Future funding for a number of important local park projects
> will be jeopardized unless the voters approve the changes in Proposal 2.

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