Michigan Laws 257.1103a – Transfer of cash to general fund; reimbursement
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(1) Upon the effective date of this amendatory act, the state treasurer is authorized to transfer the sum of $20,000,000.00 from the motor vehicle accident fund to the state general fund. The state accounting division shall treat the transfer as revenue from other funds.
(2) To reimburse the motor vehicle accident claims fund for the cash transferred pursuant to subsection (1), there is appropriated from the general fund for the fiscal year beginning July 1, 1976, the sum of $15,000,000.00 and for the fiscal year beginning July 1, 1977, the sum of $5,000,000.00. There is appropriated from the general fund each fiscal year from the effective date of this act through the fiscal year beginning July 1, 1976, an amount sufficient to pay any due and payable claims which exceed available revenue of the motor vehicle accident claims fund, which amount shall be deducted from the subsequent $5,000,000.00 appropriation contained in this section to the motor vehicle accident claims fund.
Terms Used In Michigan Laws 257.1103a
- 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
- 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.
- Fund: means the motor vehicle accident claims fund. See Michigan Laws 257.1102
- 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
- Treasurer: means the state treasurer acting as the custodian of the fund. See Michigan Laws 257.1102