Michigan Laws 324.21525 – Appointment of administrator; employment of experts, other officers, agents, or employees; contract with department; report; audit
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Terms Used In Michigan Laws 324.21525
- Administrator: means the administrator of the authority as provided for in section 21525. See Michigan Laws 324.21502
- Authority: means the underground storage tank authority created in section 21523. See Michigan Laws 324.21502
- board: means the board of directors of the authority. 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
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the department of environmental quality. See Michigan Laws 324.21502
- Director: means the director of the department of natural resources. See Michigan Laws 324.301
- 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.
- 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 board shall appoint an administrator of the authority and may delegate to the administrator responsibilities for acting on behalf of the authority. The authority may employ on a permanent or temporary basis legal and technical experts, and other officers, agents, or employees, to be paid from the funds of the authority. The authority shall determine the qualifications, duties, and compensation of those it employs, but an employee shall not be paid a higher salary than the director of the department. The authority may delegate to 1 or more members, officers, agents, or employees any of the powers or duties of the authority as the authority considers proper.
(2) The authority may contract with the department for the purpose of maintaining and improving the rights and interests of the authority.
(3) The authority shall annually file with the legislature a written report on its activities of the last year. This report shall be submitted not later than 270 days following the end of the fiscal year. This report shall specify the amount and source of revenues received, the status of investments made, and money expended with proceeds of bonds or notes issued by the finance authority under this part.
(4) The accounts of the authority are subject to annual audits by the state auditor general or a certified public accountant appointed by the auditor general. Records shall be maintained according to generally accepted accounting principles.