Michigan Laws 324.19708 – Funds; transfer; use; deposit of certain bonds in determination of allocation and transfer; audit
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Terms Used In Michigan Laws 324.19708
- Bonds: means the bonds authorized under the Great Lakes water quality bond authorization act. See Michigan Laws 324.19701
- Department: means the department of environmental quality. See Michigan Laws 324.19701
- Fund: means the Great Lakes water quality bond fund created in section 19706. See Michigan Laws 324.19701
- 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) Subject to subsections (2), (3), and (4), the state treasurer shall transfer money in the fund as follows:
(a) In aggregate, not more than $290,000,000.00 of the money in the fund shall be deposited into the state water pollution control revolving fund created in section 16a of the shared credit rating act, 1985 PA 227, MCL 141.1066a.
(b) In aggregate, not more than $710,000,000.00 of the money in the fund shall be deposited into the strategic water quality initiatives fund created in section 5204.
(2) Money in the fund may be used by the department of treasury to pay for the cost of issuing bonds and the costs incurred under section 19703(3).
(3) Bonds that are directly deposited into the state water pollution control revolving fund or strategic water quality initiatives fund as authorized by section 19703 shall be taken into account for the purpose of determining the allocation and transfer of money set forth in subsection (1).
(4) Not later than December 14, 2012, the auditor general shall conduct an audit of the fund to assure that the money in the fund has been expended in compliance with law. Not later than December 14, 2014, the auditor general shall update its initial audit to assure that money in the fund has been expended in compliance with law.