Michigan Laws 436.1303a – Michigan craft beverage council fund; creation; receipt of money or other assets; deposit; investment; interest and earnings; money remaining at close of fiscal year; expenditure; “Michigan craft beve
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Terms Used In Michigan Laws 436.1303a
- 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
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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 Michigan craft beverage council fund is created within the state treasury.
(2) The state treasurer may receive money or other assets from any source for deposit into the Michigan craft beverage council fund. The state treasurer shall direct the investment of the Michigan craft beverage council fund. The state treasurer shall credit to the Michigan craft beverage council fund interest and earnings from fund investments.
(3) Money in the Michigan craft beverage council fund at the close of the fiscal year must remain in the fund and must not lapse to the general fund. However, for the fiscal year ending September 30, 2020, $476,500.00 of the money in the Michigan craft beverage council fund is transferred to and must be deposited into the general fund.
(4) Subject to subsection (5), money from the Michigan craft beverage council fund must be expended annually, on appropriation, for the following:
(a) Not more than $80,000.00 may be used by the department of agriculture and rural development to administer the grants program under section 303.
(b) Not less than 50% of the money that is expended after the expenditure under subdivision (a) may be used for grants under section 303(7)(a).
(c) For grants under section 303(7)(b).
(d) For the Michigan craft beverage council to carry out its responsibilities under this act.
(5) Notwithstanding subsection (4), if the Michigan craft beverage council receives money under section 303(9)(a), the money may be expended for the purposes and subject to the conditions for which it was received.
(6) As used in this section, “Michigan craft beverage council” means the Michigan craft beverage council created in section 303.