STATE STATUTES & CODES
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MICHIGAN STATUTES AND CODES
Section 421.6d - Stabilization fund.
Act 1 of 1936 (Ex. Sess.)
421.6d Stabilization fund.
Sec. 6d.
(1) A stabilization fund is established for the purpose of offsetting the effects on state budgeted staffing levels due to unanticipated cuts in federal administrative funds that may occur in any fiscal year.
(2) The $3,500,000.00 appropriation for the fund for the fiscal year ending September 30, 1990 shall be from the penalty and interest account in the contingent fund. A reserve is established in the account for this purpose. Expenditures from the fund shall be authorized by the commission by an affirmative majority vote of the members if it determines that the requirements of subsection (1) are met.
(3) The appropriation described in this section shall be considered a work project and shall not lapse at the end of the fiscal year but shall continue to be available for expenditure as provided under this section.
History: Add. 1989, Act 232, Imd. Eff. Dec. 21, 1989