Michigan Laws 211.770 – Special revolving fund
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(1) There is created a special revolving fund within the department to pay special assessments under this act and the sum of $3,000,000.00 of the principal of the Michigan veterans’ trust fund shall be used for this investment purpose.
(2) An amount which is paid by the department to a local assessment district for a deferred special assessment shall be paid from the special revolving fund created in subsection (1).
Terms Used In Michigan Laws 211.770
- Department: means the department of treasury. See Michigan Laws 211.761
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Special assessment: means an assessment against real property calculated on a benefit or ad valorem basis for curb and gutter, sidewalk, sewer, water, or street paving; a drain; a connection fee or similar charge for a sewer or water system; or the land contract on a parcel of property acquired under the circumstances set forth in section 3(2). See Michigan Laws 211.761
(3) From the amounts received by the department as payment for deferred special assessments under this act, the department shall credit, on a quarterly basis, 1/2 of the total amount received to the special revolving fund created in this section, and shall transmit the remainder of this quarterly payment to the Michigan veterans’ trust fund.
(4) Interest received pursuant to section 8a, and civil penalties received pursuant to section 2, shall be credited in full to the special revolving fund created in this section.
(5) Amounts required to be transmitted to the Michigan veterans’ trust fund under subsection (3) shall be reduced by the amount of principal and earnings which was returned to the Michigan veterans’ trust fund before the effective date of this subsection.