Michigan Laws 399.709 – Michigan council for the arts fund; creation; administration; money credited; interest and earning accrued; investment; disbursement; money in fund at close of year; report
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 399.709
- 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
- Council: means the Michigan council for arts and cultural affairs established by Executive Order No. See Michigan Laws 399.702
- Department: means the department of history, arts, and libraries created in section 3. See Michigan Laws 399.702
- 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.
- Fund: means the Michigan council for the arts fund created in section 9. See Michigan Laws 399.702
- 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 Michigan council for the arts fund is created in the department. The fund shall be administered by the department, and money in the fund shall be expended only to fund grants administered by the council.
(2) The department shall credit to the fund all amounts appropriated to the fund under this act and any money received as contributions for purposes under this act, including money credited to the fund pursuant to section 435 of the income tax act of 1967, 1967 PA 281, MCL 206.435, any interest and earnings accruing from the saving and investment of that money, and any other appropriations, money, or other things of value received by the fund.
(3) The state treasurer shall direct the investment of the fund.
(4) Money appropriated or money received as a contribution to the fund shall be available for disbursement upon appropriation.
(5) Money in the fund at the close of the year shall remain in the fund and shall not lapse to the general fund.
(6) By November 1 of each year, the department shall provide a report to the senate and house of representatives appropriations subcommittees on history, arts, and libraries of all revenues to and expenditures from the fund. The report shall include an estimated fund balance for the fiscal year.