Michigan Laws 390.1679 – Department of treasury; assumption of operational control; dissolution; resolution; use of remaining property and assets
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 390.1679
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means a promise zone authority created under this act. See Michigan Laws 390.1663
- Board: means the governing body of an authority. See Michigan Laws 390.1663
- Eligible entity: means a city, township, county, local school district, or intermediate school district, in which the percentage of families with children under age 18 that are living at or below the federal poverty level is greater than or equal to the state average of families with children under age 18 living at or below the federal poverty level, as determined by the department of treasury. See Michigan Laws 390.1663
- Governing body: means the elected body of an eligible entity that has legislative powers. See Michigan Laws 390.1663
- Promise of financial assistance: means a commitment by an eligible entity to provide financial resources for public or private postsecondary education, including a vocational program, to eligible students living in a promise zone and who have graduated from a public high school or nonpublic high school located within that promise zone. See Michigan Laws 390.1663
- Promise zone: means that area created by a governing body under this act. See Michigan Laws 390.1663
- Promise zone development plan: means that plan developed by an authority under this act that will ensure that the financial resources are available to adequately fund the promise of financial assistance. See Michigan Laws 390.1663
- Qualified educational expenses: means tuition and fees required for the enrollment or attendance of a student at an educational institution, and may also include, if provided for in an authority's promise zone development plan, expenses for fees, books, supplies, and equipment required for courses of instruction at that educational institution. See Michigan Laws 390.1663
(1) The department of treasury shall oversee the operations of any promise zone authority or board created under this act. If the department of treasury determines that the actions of a promise zone authority or board are not in accordance with the promise zone development plan, the department of treasury may assume operational control of that promise zone authority or board. If a promise zone authority does not begin making annual payments of qualified educational expenses in accordance with the promise of financial assistance within 2 years of obtaining approval of its promise zone development plan under section 7, the department may dissolve the promise zone.
(2) An authority that has completed the purposes for which it was organized shall be dissolved by resolution of the governing body. The property and assets of the authority remaining after the satisfaction of the obligations of the authority belong to the eligible entity and shall be used solely for purposes of promoting access to postsecondary education pursuant to resolution of the governing body of the eligible entity.