Michigan Laws 324.14512 – Retired engineers technical assistance program fund; creation; disposition of funds; limitation; lapse; annual report; expenditure
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(1) The retired engineers technical assistance program fund is created within the state treasury.
(2) The state treasurer may receive money or other assets from any source for deposit into the RETAP fund. The state treasurer shall direct the investment of the RETAP fund. The state treasurer shall credit to the RETAP fund interest and earnings from fund investments.
Terms Used In Michigan Laws 324.14512
- 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.
- Department: means the department of environmental quality. See Michigan Laws 324.14501
- 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.
- RETAP: means the retired engineers technical assistance program created in section 14511. See Michigan Laws 324.14501
- 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
(3) The total amount of money in the RETAP fund shall not exceed $10,000,000.00.
(4) To capitalize the RETAP fund, $700,000.00 from fees collected under section 11108 is appropriated and transferred from the general fund to the RETAP fund. If the RETAP fund is capitalized from a different source, $700,000.00 is appropriated and transferred from the RETAP fund back to the waste reduction fee fund.
(5) Money in the RETAP fund at the close of the fiscal year shall remain in the RETAP fund and shall not lapse to the general fund.
(6) The state treasurer shall annually report to the legislature on the amount of money in the RETAP fund.
(7) The department shall expend money from the RETAP fund, upon appropriation, to administer and operate the RETAP.