Michigan Laws 324.61525b – Oil and gas regulatory fund; creation; disposition of money or other assets; lapse; expenditures; annual report
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(1) The oil and gas regulatory fund is created within 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 324.61525b
- 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 324.61501
- 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 oil and gas regulatory fund created in section 61525b. See Michigan Laws 324.61501
- Gas: means a mixture of hydrocarbons and varying quantities of nonhydrocarbons in a gaseous state which may or may not be associated with oil, and includes those liquids resulting from condensation. See Michigan Laws 324.61501
- Oil: means natural crude oil or petroleum and other hydrocarbons, regardless of gravity, that are produced at the well in liquid form by ordinary production methods and that are not the result of condensation of gas after it leaves the underground reservoir. See Michigan Laws 324.61501
- 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) Money in the fund at the close of the fiscal year shall remain in the fund and shall not lapse to the general fund.
(4) The department shall expend money from the fund, upon appropriation, only for monitoring, surveillance, enforcement, and administration of this part.
(5) The department shall annually submit a report to the legislature that itemizes the expenditure of money in the fund. The report shall include, at a minimum, all of the following:
(a) The amount of money received and the amount of money expended.
(b) The number of full-time equivalent positions funded with money in the fund.
(c) The number of on-site inspections conducted by the department in implementing this part.
(d) The number of violations identified in enforcing this part, their locations, and a description of the nature of the violations.