Michigan Laws 324.71506 – Recreation bond fund; creation; composition; restricted subaccounts
Current as of: 2023 | Check for updates
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(1) The recreation bond fund is created in the state treasury.
(2) The fund shall consist of all of the following:
Terms Used In Michigan Laws 324.71506
- Bonds: means the bonds issued under part 713 or former Act No. See Michigan Laws 324.71501
- 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
- Fund: means the recreation bond fund created in section 71506. See Michigan Laws 324.71501
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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
(a) The proceeds of sales of general obligation bonds issued pursuant to part 713 and any premium and accrued interest received on the delivery of the bonds.
(b) Any interest or earnings generated by the proceeds described in subdivision (a).
(c) Any repayments of principal and interest made under a loan program authorized for in this part.
(d) Any federal funds received.
(3) The department of treasury may establish restricted subaccounts within the fund as necessary to administer the fund.