Michigan Laws 35.902 – Veterans’ bonds; appropriation for payment of principal and interest; redemption fund; surplus; expenses
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For the prompt payment of the principal and interest upon each bond issued under this act, the proceeds of a tax to be levied as provided in section 23 of article 10 of the state constitution and the faith and credit of the state are pledged, and there is hereby appropriated each year during the life of these bonds, from the general fund, the sum, which the amount of the principal and interest payments for each year may exceed the proceeds of such tax: Provided, That for the fiscal year ending June 30, 1957, such appropriation shall be the sum by which the amount of the principal and interest payments for such year exceeds the remaining balance of cash and United States securities in the veterans’ military pay fund at June 30, 1957, which is hereby transferred to the veterans’ bond redemption fund. Any veterans’ military pay fund bonds purchased by the veterans’ military pay fund and which are a part of the investments of this fund are hereby cancelled.
There is hereby created in the state treasury a special fund to be known as “The veterans’ bond redemption fund” in which shall be deposited all tax receipts and other sums of money appropriated and authorized to be deposited therein by the legislature.
Terms Used In Michigan Laws 35.902
- 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.
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
- United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
On the effective date of this act, the amount by which the assets exceed the liabilities in the veterans’ bond redemption fund shall be transferred to the general fund of the state.
The expenses of administration of this act, including paying agent fees, shall be paid from the general fund in accordance with the accounting laws of the state and there is hereby appropriated annually from the general fund an amount sufficient to pay such expenses and fees.