Michigan Laws 124.768 – Land bank fast track fund; creation; receipt of money or other assets; transfer of money in urban land assembly loan fund; loan repayments; money remaining in fund; expenditures; disposition of procee
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Terms Used In Michigan Laws 124.768
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means a land bank fast track authority created under section 15, section 23(4), or section 23(5). See Michigan Laws 124.753
- 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 land bank fast track fund created in section 18. See Michigan Laws 124.753
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
- State authority: means the land bank fast track authority created under section 15. See Michigan Laws 124.753
(1) The land bank fast track fund is created under the jurisdiction and control of the state authority and may be administered to secure any notes and bonds of the state authority.
(2) The state authority may receive money or other assets from any source for deposit into the fund. The state treasurer shall transfer all money in the urban land assembly loan fund created under former 1981 PA 171 to the fund, and close the urban land assembly loan fund. Any loan repayments that would otherwise be made to the urban land assembly loan fund shall be made to the fund.
(3) The state authority shall credit to the fund interest and earnings from fund investments.
(4) Money in the fund at the close of the fiscal year shall remain in the fund and shall not lapse to any other fund.
(5) The state authority shall expend money from the fund only for 1 or more of the following:
(a) Costs to clear or quiet title to property held by the state authority.
(b) To repay a loan made to the state authority under section 2f of 1855 PA 105, MCL 21.142f.
(c) Any other purposes provided in this act.
(6) The state authority shall deposit into the fund all money it receives from the sale or transfer of property under this act, subject to section 8. The state authority shall credit to the fund the proceeds of the sale of notes or bonds to the extent provided for in the authorizing resolution of the state authority, and any other money made available to the state authority for the purposes of the fund.