Michigan Laws 722.1029 – Department; powers; deposit of money in fund
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 722.1029
- Department: means the department of treasury. See Michigan Laws 722.1022
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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
- Trust fund: means the fostering futures scholarship trust fund created in section 3. See Michigan Laws 722.1022
(1) The department may do any of the following:
(a) Accept federal money granted by congress or executive order for the purposes of this act as well as gifts, grants, bequests, and donations from individuals, private organizations, or foundations. The acceptance and use of federal money does not commit state money and does not place an obligation upon the legislature to continue the purposes for which the federal money is made available.
(b) Plan, manage, or conduct a campaign to solicit gifts, bequests, grants, or donations of money or property, or pledges of gifts, bequests, grants, or donations.
(2) The department shall credit to the trust fund all amounts appropriated for the trust fund under section 435 of the income tax act of 1967, 1967 PA 281, MCL 206.435.
(3) Money received in the manner described in subsections (1) and (2) shall be transmitted to the state treasurer for deposit in the trust fund.