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Re: SG-W:/ questions on Proposal 2



The funds will be invested in the same manner and under the same guidelines
as the state employees pension fund.  Probably more important to those of us
interested in land preservation is the lifting of the cap on Trust Fund
assets from $400 million to $500 million.  Proposal 2 is widely supported
among conservation groups including the Michigan Chapter of The Nature
Conservancy, Little Traverse Conservancy and Grand Traverse Regional Land
Conservancy, outdoor groups such as Michigan United Conservation Clubs and
groups that you typically don't associated with conservation i.e. Michigan
Oil and Gas Association.  A yes vote for Proposal 2 increases the amount of
money available for land acquisition at no cost to the taxpayer.  Vote Yes
on Proposal 2 and increase the funding available for land protection in the
future.


----- Original Message -----
From: K. Anderson <keaz@umich.edu>
To: <BLonik13@aol.com>; <smartgrowth-washtenaw@great-lakes.net>
Sent: Thursday, July 18, 2002 3:36 PM
Subject: 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.
>
> thanks!
> ken
>
>
>
> --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.
>
>
>
>
>
>
>
> smartgrowth-washtenaw:  Internet List and Forum for issues relating to
> sprawl, smart growth, and preservation of the quality of life in Washtenaw
> County.
>
> Postings to:  smartgrowth-washtenaw@great-lakes.net      For info, send
> email to majordomo@great-lakes.net  with a one-line message body of  "info
> smartgrowth-washtenaw"
>




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