Michigan Laws 324.2134 – Land exchange facilitation and management fund; creation; deposit of money or other assets; investment; administration; money carried over
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Terms Used In Michigan Laws 324.2134
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Department: means the director of the department of natural resources or his or her designee to whom the director delegates a power or duty by written instrument. See Michigan Laws 324.301
- 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.
- Land: includes lands, tenements, and real estate and rights to and interests in lands, tenements, and real estate. See Michigan Laws 324.2130
- 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) A land exchange facilitation and management fund is created in the state treasury.
(2) The state treasurer may receive money or other assets from any source for deposit into the fund. The state treasurer shall direct the investment of the fund. The state treasurer shall credit to the fund interest and earnings from fund investments.
(3) The fund shall be administered by the department and shall be used only as provided in section 2135.
(4) Any money, including interest earned by the fund, remaining in the fund at the end of a fiscal year shall be carried over in the fund to the next and succeeding fiscal years and shall not lapse to the general fund.