Michigan Laws 324.95235 – Appropriation; expenditure
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Terms Used In Michigan Laws 324.95235
- 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
- Dredging: means the removal of sediments from bottomland. See Michigan Laws 324.95232
- 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.
- Program: means the marina dredging loan origination program established under this act. See Michigan Laws 324.95232
(1) An amount sufficient to pay loan origination fees under this act, not to exceed $1,000,000.00, shall be expended if it is appropriated to the department of treasury.
(2) The appropriation authorized in this section is a work project appropriation, and any unencumbered or unallotted funds are carried forward into the following fiscal year. The following is in compliance with section 451a(1) of the management and budget act, 1984 PA 431, MCL 18.1451a:
(a) The purpose of the project is to provide financial assistance to eligible marinas and to alleviate financial distress caused by low water levels impacting recreational watercraft use and related economic impacts through the program.
(b) The work project will be accomplished through the use of payments to qualified financial institutions for marina dredging loan origination fees for administrative costs incurred by qualified financial institutions.
(c) The total estimated completion cost of the work project is $1,000,000.00.
(d) The estimated completion date of the work project is March 1, 2014.