Michigan Laws 324.43902 – Michigan nongame fish and wildlife trust fund; establishment; composition; investment; annual report
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 324.43902
- 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
- Fiduciary: A trustee, executor, or administrator.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Nongame fish and wildlife: means fish or wild animals that are unconfined and not ordinarily taken for sport, fur, or food, and the habitat that supports them. See Michigan Laws 324.43901
- 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
- Trust fund: means the Michigan nongame fish and wildlife trust fund established in section 42 of article IX of the state constitution of 1963 and provided for in section 43902. See Michigan Laws 324.43901
(1) In accordance with section 42 of article IX of the state constitution of 1963, the Michigan nongame fish and wildlife trust fund is established in the state treasury. The trust fund shall consist of all of the following:
(a) All assets of the nongame fish and wildlife trust fund immediately prior to the effective date of the amendatory act that added section 2001, which money is hereby transferred to the Michigan nongame fish and wildlife trust fund.
(b) All money credited to the trust fund pursuant to section 439 of the income tax act of 1967, 1967 PA 281, MCL 206.439, and section 811l of the Michigan vehicle code, 1949 PA 300, MCL 257.811l.
(c) Gifts, grants, bequests, or assets from any source.
(d) Other revenues as authorized by law.
(e) Interest and earnings accruing from assets of the Michigan nongame fish and wildlife trust fund.
(2) The state treasurer shall direct the investment of the trust fund. The state treasurer shall have the same authority to invest the assets of the trust fund as is granted to an investment fiduciary under the public employee retirement system investment act, 1965 PA 314, MCL 38.1132 to 38.1140l.
(3) The department shall annually prepare a report containing an accounting of revenues and expenditures from the trust fund. This report shall identify the interest and earnings of the trust fund from the previous year, the investment performance of the trust fund during the previous year, and the total amount of appropriations from the trust fund during the previous year. This report shall be provided to the senate and house of representatives appropriations committees and the standing committees of the senate and house of representatives with jurisdiction over issues pertaining to natural resources and the environment.