Michigan Laws 324.20108 – Cleanup and redevelopment fund; creation; deposit of assets into fund; subaccounts; unexpended balance to be carried forward
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(1) The cleanup and redevelopment fund is created in the state treasury.
(2) The state treasurer may receive money or other assets from any source for deposit into the fund. The state treasurer shall direct the investment of the fund. The state treasurer shall credit to the fund interest and earnings from fund investments.
Terms Used In Michigan Laws 324.20108
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attorney general: means the department of the attorney general. See Michigan Laws 324.20101
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Department: means the director or his or her designee to whom the director delegates a power or duty by written instrument. See Michigan Laws 324.20101
- 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 cleanup and redevelopment fund established in section 20108. See Michigan Laws 324.20101
- Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 324.301
- Source: means any storage, handling, distribution, or processing equipment from which the release originates and first enters the environment. See Michigan Laws 324.20101
- 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
- this part: includes "rules promulgated under this part". See Michigan Laws 324.20101
(3) In addition to the money received under subsection (2), the fund shall receive as revenue money collected by the attorney general in actions filed under this part, collected by the state under this part, or collected by a person under section 20135(2). Money collected and placed into the fund under this subsection may be earmarked by the department for use at specific sites.
(4) The state treasurer may establish subaccounts within the fund, and shall establish a subaccount for all money in the former environmental response fund on the effective date of the 1996 amendments to this section. Proceeds of all cost recovery actions taken and settlements entered into pursuant to this part, excluding natural resource damages, by the department or the attorney general, or both, shall be credited to this subaccount.
(5) An unexpended balance within the fund at the close of the fiscal year shall be carried forward to the following fiscal year.