Michigan Laws 324.5313c – State revolving administration fund
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 324.5313c
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Department: means the director of the department of natural resources or his or her designee to whom the director delegates a power or duty by written instrument. See Michigan Laws 324.301
- 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.
- Fund: means the state water pollution control revolving fund established under section 16a of the shared credit rating act, 1985 PA 227, MCL 141. See Michigan Laws 324.5301
- 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
(1) The state revolving administration fund is created within the state treasury. The state treasurer may receive money or other assets for any source for deposit into the state revolving administration fund. The state treasurer shall direct the investment of the state revolving administration fund and credit to the fund interest and earnings from fund investments. Money in the state revolving administration fund at the end of the fiscal year remains in the fund and does not lapse to the general fund. The department is the administrator of the state revolving administration fund for auditing purposes.
(2) Not more than 0.25% of the interest charged on a loan issued under this part or part 54 may be deposited into the state revolving administration fund.
(3) The department shall expend money from the fund only for the reasonable costs of administering and conducting activities under this part and part 54.