Michigan Laws 286.844 – Industrial hemp research and development fund; creation; deposit of money or other assets; investment; interest and earnings; money remaining in fund at close of fiscal year; department as administrat
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 286.844
- 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.
- Department: means the department of agriculture and rural development. See Michigan Laws 286.842
- 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.
- Industrial hemp: means that term as defined in section 3 of the Michigan Regulation and Taxation of Marihuana Act, 2018 IL 1, MCL 333. See Michigan Laws 286.842
- Research fund: means the industrial hemp research and development fund created in section 4. See Michigan Laws 286.842
- 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 industrial hemp research and development fund is created within the state treasury.
(2) The state treasurer may receive money or other assets from any source for deposit into the research fund, including federal research grants. The state treasurer shall direct the investment of the research fund. The state treasurer shall credit to the research fund interest and earnings from research fund investments.
(3) Money in the research fund at the close of the fiscal year shall remain in the research fund and shall not lapse to the general fund.
(4) The department shall be the administrator of the research fund for auditing purposes.
(5) The department shall expend money from the research fund, upon appropriation, only for 1 or more of the following purposes:
(a) Research into growing or cultivating, or both, industrial hemp.
(b) Providing grants to colleges or universities in this state to conduct research into growing or cultivating, or both, industrial hemp.