Section 257.1103a - Transfer of cash to general fund; reimbursement. - Michigan Statutes

MOTOR VEHICLE ACCIDENT CLAIMS ACT (EXCERPT)
Act 198 of 1965

257.1103a Transfer of cash to general fund; reimbursement.

Sec. 3a.

(1) Upon the effective date of this amendatory act, the state treasurer is authorized to transfer the sum of $20,000,000.00 from the motor vehicle accident fund to the state general fund. The state accounting division shall treat the transfer as revenue from other funds.

(2) To reimburse the motor vehicle accident claims fund for the cash transferred pursuant to subsection (1), there is appropriated from the general fund for the fiscal year beginning July 1, 1976, the sum of $15,000,000.00 and for the fiscal year beginning July 1, 1977, the sum of $5,000,000.00. There is appropriated from the general fund each fiscal year from the effective date of this act through the fiscal year beginning July 1, 1976, an amount sufficient to pay any due and payable claims which exceed available revenue of the motor vehicle accident claims fund, which amount shall be deducted from the subsequent $5,000,000.00 appropriation contained in this section to the motor vehicle accident claims fund.

History: Add. 1971, Act 19, Imd. Eff. May 5, 1971 ;-- Am. 1976, Act 89, Imd. Eff. Apr. 17, 1976