Michigan Laws 125.806 – Neighborhood assistance and partnership fund; creation; purpose; limitation on rebates; rules
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(1) A neighborhood assistance and partnership fund is created within the bureau of community services of the department of labor.
(2) The purpose of the fund shall be to encourage neighborhood organizations and business firms to engage in neighborhood assistance projects.
Terms Used In Michigan Laws 125.806
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(3) The total amount of rebates to business firms approved within any local unit of government shall not exceed 1/2 of the money appropriated to the fund in any fiscal year.
(4) The director shall promulgate rules pursuant to Act No. 306 of the Public Acts of 1969, as amended, being section 24.201 to 24.315 of the Michigan Compiled Laws, for the administration of the fund.