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MICHIGAN STATUTES AND CODES
Section 324.1903 - Expenditures.
Act 451 of 1994
324.1903 Expenditures.
Sec. 1903.
(1) Subject to the limitations of this part and of section 35 of article IX of the state constitution of 1963, the interest and earnings of the trust fund in any 1 state fiscal year may be expended in subsequent state fiscal years only for the following purposes:
(a) The acquisition of land or rights in land for recreational uses or protection of the land because of its environmental importance or its scenic beauty.
(b) The development of public recreation facilities.
(c) The administration of the fund, including payments in lieu of taxes on state owned land purchased through the trust fund.
(2) In addition to the money described in subsection (1), 33-1/3% of the money, exclusive of interest and earnings, received by the trust fund in any state fiscal year may be expended in subsequent state fiscal years for the purposes described in subsection (1). However, the authorization for the expenditure of money provided in this subsection does not apply after the state fiscal year in which the total amount of money in the trust fund, exclusive of interest and earnings and amounts authorized for expenditure under this section, exceeds $500,000,000.00.
(3) An expenditure from the trust fund may be made in the form of a grant to a local unit of government, subject to the following conditions:
(a) The grant is used for the purposes described in subsection (1) and meets the requirements of either subdivision (b) or (c).
(b) A grant for the purposes described in subsection (1)(a) is matched by the local unit of government or public authority with at least 25% of the total cost of the project.
(c) A grant for the purposes described in subsection (1)(b) is matched by the local unit of government with 25% or more of the total cost of the project.
(4) Not less than 25% of the total amounts made available for expenditure from the trust fund from any state fiscal year shall be expended for acquisition of land and rights in land, and not more than 25% of the total amounts made available for expenditure from the trust fund from any state fiscal year shall be expended for development of public recreation facilities.
(5) If property that was acquired with money from the trust fund is subsequently sold or transferred by the state to a nongovernmental entity, the state shall forward to the state treasurer for deposit into the trust fund an amount of money equal to the following:
(a) If the property was acquired solely with trust fund money, the greatest of the following:
(i) The net proceeds of the sale.
(ii) The fair market value of the property at the time of the sale or transfer.
(iii) The amount of money that was expended from the trust fund to acquire the property.
(b) If the property was acquired with a combination of trust fund money and other restricted funding sources governed by federal or state law, an amount equal to the percentage of the funds contributed by the trust fund for the acquisition of the property multiplied by the greatest of subdivision (a)(i), (ii), or (iii).
History: Add. 1995, Act 60, Imd. Eff. May 24, 1995 ;-- Am. 2002, Act 52, Eff. Sept. 21, 2002
Popular Name: Act 451
Popular Name: NREPA