Michigan Laws 324.36202 – Agricultural preservation fund; creation; disposition; money remaining in fund; administration; expenditures
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Terms Used In Michigan Laws 324.36202
- 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.
- Board: means the agricultural preservation fund board created in section 36204. See Michigan Laws 324.36201
- Department: means the department of agriculture and rural development. See Michigan Laws 324.36201
- Development: means an activity that materially alters or affects the existing conditions or use of any land in a manner that is inconsistent with an agricultural use. See Michigan Laws 324.36201
- Farmland: means 1 or more of the following:
(i) A farm of 40 or more acres in 1 ownership, with 51% or more of the land area devoted to an agricultural use. See Michigan Laws 324.36201Fiscal 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 agricultural preservation fund created in section 36202. See Michigan Laws 324.36201 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 agricultural preservation fund is created within the state treasury.
(2) The state treasurer may receive money or other assets from any source for deposit into the fund, including federal funds, other state revenues, gifts, bequests, and other donations. The state treasurer shall direct the investment of the fund and 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 department shall be the administrator of the fund for auditing purposes.
(5) Money in the fund may be expended, upon appropriation, as follows:
(a) Not more than $1,400,000.00 annually for the administrative costs of the department and the board in implementing this part and part 361.
(b) After expenditures for the administrative costs under subdivision (a), money in the fund may be used, upon approval of the board, to provide grants to local units of government pursuant to section 36203.
(c) After expenditures under subdivisions (a) and (b) have been made, if the amount of money remaining in the fund exceeds $5,000,000.00, money in the fund may be used, upon approval of the board, pursuant to part 361 for the purchase of development rights to farmland or the acquisition of agricultural conservation easements.
(6) Expenditures of money in the fund as provided in this part are consistent with the state’s interest in preserving farmland and are for an important public purpose.