Michigan Laws 324.5204 – Strategic water quality initiatives fund; creation; disposition of money or assets; investment; funds remaining at close of fiscal year; expenditures; fund as security
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Terms Used In Michigan Laws 324.5204
- 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.
- Authority: means the Michigan municipal bond authority created in section 4 of the shared credit rating act, 1985 PA 227, MCL 141. See Michigan Laws 324.5201
- Department: means the department of environmental quality. See Michigan Laws 324.5201
- 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 strategic water quality initiatives fund created in section 5204. See Michigan Laws 324.5201
- 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 strategic water quality initiatives fund is created within the state treasury.
(2) The state treasurer may receive money or other assets from any source for deposit into the fund. The state treasurer shall direct the investment of the fund. The state treasurer shall credit to the fund interest and earnings from fund investments. The authority shall act as fiscal agent for the fund in accordance with the shared credit rating act, 1985 PA 227, MCL 141.1051 to 141.1076.
(3) Money in the fund at the close of the fiscal year shall remain in the fund and shall not lapse to the general fund.
(4) The authority in consultation with the department shall expend money from the fund, upon appropriation, only for the following:
(a) Loans under section 5202.
(b) Grants under sections 5204a, 5204d, and 5204e.
(c) Response activities to address nonpoint source water pollution under section 5204b.
(d) Grants and loans for brownfield sites under section 5204c.
(e) Grants and loans for wetland mitigation banks under section 5204f.
(f) The costs of the authority and the department in administering the fund.
(5) The fund may be pledged as security for bonds to be issued by the authority for the purpose of funding loans if authorized by the state administrative board.