Michigan Laws 125.1458a – Michigan housing and community development fund; creation; administration; credit of amounts and earnings from investments; availability of money for disbursement; money in fund at end of fiscal year
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Terms Used In Michigan Laws 125.1458a
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means the Michigan state housing development authority created in this act. See Michigan Laws 125.1411
- 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 Michigan housing and community development fund created in section 58a. See Michigan Laws 125.1458
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
(1) The Michigan housing and community development fund is created as a separate fund in the authority.
(2) The fund shall be administered by the authority, and money in the fund shall be expended only as provided in this act.
(3) The authority shall credit to the fund all amounts appropriated to the fund or to the authority for the fund and any other money made available to the authority for the fund from any other source for the purposes under this act. The authority, on behalf of the fund, may solicit and accept gifts, grants, labor, loans, and other aid from any person, government, or entity. The authority may receive money or other assets from any source for deposit into the fund, including, but not limited to, federal funds, gifts, bequests, and donations.
(4) The authority shall invest the money and credit the earnings from the investments to the fund in accordance with section 22.
(5) Money appropriated to the fund or to the authority for the fund shall be available for disbursement by the authority upon appropriation.
(6) Money in the fund at the close of a fiscal year shall remain in the fund and shall not lapse to the general fund.