Michigan Laws 254.324c – Straits protection fund
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Terms Used In Michigan Laws 254.324c
- 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.
- state: means the state of Michigan. See Michigan Laws 254.311
(1) The straits protection fund is created within the state treasury.
(2) The state treasurer may receive money or other assets from any source for deposit into the straits protection fund. The state treasurer shall direct the investment of the straits protection fund. The state treasurer shall credit to the straits protection fund interest and earnings from fund investments.
(3) Money in the straits protection fund at the close of the fiscal year shall remain in the straits protection fund and shall not lapse to the general fund.
(4) The state transportation department shall be the administrator of the fund for auditing purposes.