(1) After a showing of financial need, the requirement for repayment of a loan granted under former Act No. 273 of the Public Acts of 1978 may be suspended for a period of not more than 5 years beginning on January 1, 1983 by the department of treasury.
  (2) The department, with the assistance of the department of attorney general, shall prepare, execute, and file all termination statements and other documents necessary to effectuate this section.

Terms Used In Michigan Laws 325.856

  • Department: means the department of treasury. See Michigan Laws 325.851
  • 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 toxic substance loan repayment fund established in section 4. See Michigan Laws 325.851
  • 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
  (3) All money in the fund which is unexpended, unencumbered, or unreserved at the end of each fiscal year of the state shall be transferred to the general fund of the state.
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