Terms Used In Michigan Laws 324.21506b

  • Administrator: means the administrator of the authority as provided for in section 21525. See Michigan Laws 324.21502
  • 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.
  • Authority: means the underground storage tank authority created in section 21523. See Michigan Laws 324.21502
  • Bond proceeds account: means the account within the fund to which proceeds of bonds or notes issued under this part have been credited. See Michigan Laws 324.21502
  • Bonds or notes: means the bonds, notes, commercial paper, other obligations of indebtedness, or any combination of these, issued by the finance authority pursuant to this part. See Michigan Laws 324.21502
  • Department: means the department of environmental quality. See Michigan Laws 324.21502
  • Finance authority: means the Michigan finance authority created by Executive Reorganization Order No. See Michigan Laws 324.21502
  • 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.
  • Fund: means the underground storage tank cleanup fund created in section 21506b and includes the bond proceeds account established within the fund. See Michigan Laws 324.21502
  • 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 underground storage tank cleanup fund is created within the state treasury. The state treasurer shall establish a bond proceeds account within the fund and may establish procedures for accounting for deposits and expenditures from the bond proceeds account.
  (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) Money in the fund at the close of the fiscal year shall remain in the fund and shall not lapse to the general fund.
  (4) The authority shall be the administrator of the fund for auditing purposes.
  (5) The authority and the finance authority shall expend money from the fund, upon appropriation, only for the following purposes:
  (a) As a first priority, to pay principal and interest due on bonds or notes issued by the finance authority pursuant to this part, plus any amount necessary to maintain a fully funded debt reserve or other reserve intended to secure the principal and interest on the bonds or notes as may be required by resolution, indenture, or other agreement of the finance authority.
  (b) For the reasonable administrative cost of implementing this part incurred by the department, the department of treasury, the department of attorney general, and the finance authority. Administrative costs include the actual and necessary expenses incurred by the finance authority and its members in carrying out the duties imposed by this part. Total administrative costs expended under this subdivision shall not exceed 7% of the fund’s projected revenues in any year. Costs incurred by the finance authority for the issuance of bonds or notes which may also be payable from the proceeds of the bonds or notes shall not be considered administrative costs.
  (c) To pay approved claims as provided for in this part.

  Previous section
Next section  
 Part 215 Contents