(1) A loan made under this act shall be in such amount and to such applicants as determined by the department of state. The loans shall be made at an interest rate of 4% per year simple interest. A loan shall not be made by the department of state after November 1, 1983.
    (2) The state treasurer shall collect the repayments of all loans made under this act pursuant to rules promulgated under section 7. Not more than $6,000,000.00 of the money in the state recreational land acquisition trust fund shall be loaned under this act. Money in the game and fish protection subfund created in section 4(3) of Act No. 204 of the Public Acts of 1976, as amended, being section 318.404 of the Michigan Compiled Laws, shall not be loaned under this act. The amount of money invested by the state treasurer from the state recreational land acquisition trust fund under this act and the manner of the investment shall be deemed in complete compliance with Act No. 204 of the Public Acts of 1976, as amended, being section 318.401 to 318.409 of the Michigan Compiled Laws. The amount of money invested in a state fiscal year by the state treasurer from the state recreational land acquisition trust fund under this act shall not include moneys available for the purchase of land or rights in land and other expenditures as provided in section 3 to 7 of Act No. 204 of the Public Acts of 1976, as amended, being section 318.403 to 318.407 of the Michigan Compiled Laws. The legislature, until the state fiscal year in which the state recreational land acquisition trust fund is repaid all money loaned under section 1(1), annually shall appropriate to the credit of the state recreational land acquisition trust fund from the general fund of the state an amount determined by the state treasurer to be necessary to make up the difference between the interest on the loans made under section 1(1) and the amount the funds loaned would have earned had the funds been invested in the state treasurer’s common cash fund. To insure the state recreational land acquisition trust fund against a loss in principal amount, the legislature shall appropriate an amount to the credit of the state recreational land acquisition trust fund which is equal to the losses suffered by the fund because of defaults of loans made under this act.

Terms Used In Michigan Laws 257.933

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • 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
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