Michigan Laws 290.645a – Renewable fuels fund; creation; deposits; investment; funds at close of fiscal year; disbursement; department as administrator; definitions
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 290.645a
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Biodiesel: means a fuel composed of mono-alkyl esters of long chain fatty acids derived from vegetable oils or animal fats, and, in accordance with standards specified by the American society for testing and materials, designated B100, and meeting the requirements of D-6751, as approved by the department. See Michigan Laws 290.642
- Biodiesel blend: means a fuel comprised of a blend of biodiesel fuel with petroleum-based diesel fuel, suitable for use as a fuel in a compression-ignition internal combustion diesel engine. See Michigan Laws 290.642
- Department: means the department of agriculture. See Michigan Laws 290.642
- 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.
- Hydrogen fuel: means a substance containing the chemical formula H2 that exists as a colorless, odorless, and highly flammable gas except at low cryogenic temperatures or when highly compressed that is gaseous or liquefied and suitable for use in a fuel cell or hydrogen fuel vehicle. See Michigan Laws 290.642
- 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 renewable fuels fund is created within the state treasury. The state treasurer may receive money or other assets from any source for deposit into the renewable fuels fund. The state treasurer shall direct the investment of the renewable fuels fund. The state treasurer shall credit to the fund interest and earnings from fund investments. Money in the fund at the close of the fiscal year shall remain in the fund and shall not lapse to the general fund.
(2) The state treasurer shall disburse money in the fund described in subsection (1) on a quarterly basis to the department. Beginning not later than February 1, 2009, the department shall submit to the state treasurer a summary of expenditures during the preceding year of the money received under this section.
(3) The department shall be the administrator of the fund for auditing purposes.
(4) The department shall administer the fund to do 1 or more of the following:
(a) Promote the production and use of alternative fuels.
(b) Award grants to selected recipients to improve the production of alternative fuels in this state.
(c) Encourage the development of motor fuel quality standards for renewable fuels under this act.
(d) Provide incentives to retailers who sell renewable fuels.
(e) Promote the sale of vehicles that can be powered by renewable fuels.
(5) As used in this section:
(a) “Renewable fuels” includes, but is not limited to, biodiesel, biodiesel blend, hydrogen fuel, and E85 fuel.
(b) “E85 fuel” means that term as defined in section 78 of the Michigan strategic fund act, 1984 PA 270, MCL 125.2078.