Michigan Laws 324.1904 – Limitation on amount accumulated in trust fund; deposit and distribution of amount
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Terms Used In Michigan Laws 324.1904
- Michigan state parks endowment fund: means the Michigan state parks endowment fund established in section 35a of article IX of the state constitution of 1963 and provided for in section 74119. See Michigan Laws 324.1901
- 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
- Trust fund: means the Michigan natural resources trust fund established in section 35 of article IX of the state constitution of 1963. See Michigan Laws 324.1901
Until the Michigan state parks endowment fund reaches an accumulated principal of $800,000,000.00, the amount accumulated in the trust fund shall not exceed $500,000,000.00, exclusive of interest and earnings and amounts authorized for expenditure under this part. Any amount of money that would be a part of the trust fund but for the limitation stated in this section shall be deposited in the Michigan state parks endowment fund created in section 74119, until the Michigan state parks endowment fund reaches an accumulated principal of $800,000,000.00. After the Michigan state parks endowment fund reaches an accumulated principal of $800,000,000.00, the accumulated principal limit for the trust fund provided in this section no longer applies and the revenues from bonuses, rentals, delayed rentals, and royalties described in section 1902 shall be deposited into the trust fund for expenditure as provided in this part.