Michigan Laws 432.45 – Club keno advertising fund; creation; receipt of money or other assets; money remaining in fund at close of fiscal year; bureau as administrator; distribution and deposit of money
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Terms Used In Michigan Laws 432.45
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bureau: means the bureau of state lottery created by this act. See Michigan Laws 432.3
- Commissioner: means the commissioner of state lottery. See Michigan Laws 432.3
- 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.
- 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 club keno advertising fund is created within the state treasury.
(2) The commissioner may receive money or other assets from any source for deposit into the club keno advertising fund. The state treasurer shall direct the investment of the club keno advertising fund. The state treasurer shall credit to the club keno advertising fund interest and earnings from fund investments.
(3) Money in the club keno advertising fund at the close of the fiscal year shall remain in the club keno advertising fund and shall not lapse to the general fund.
(4) The bureau shall be the administrator of the club keno advertising fund for auditing purposes.
(5) Money in the club keno advertising fund shall be distributed as follows:
(a) If the advertising conducted under section 18(3) involves advertisements for alcoholic beverages, 20% of the first $400,000.00 deposited into the fund in each state fiscal year or 0.4% of the money deposited into the fund in each state fiscal year, whichever is less, shall be paid to the liquor control commission for reimbursement of the commission’s costs related to the advertising.
(b) If subdivision (a) applies, the balance or, if subdivision (a) does not apply, all of the first $400,000.00 deposited into the fund in each state fiscal year or 2% of the money deposited into the fund in each state fiscal year, whichever is less, shall be used by the bureau for reimbursement of the bureau’s costs related to advertising conducted under section 18(3).
(c) The balance of the money deposited into the fund shall be disbursed to the state school aid fund.