Michigan Laws 324.64108 – Peat resource conservation and development fund; creation; deposits
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Terms Used In Michigan Laws 324.64108
- 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.
- Legacy: A gift of property made by will.
- peat: means a deposit of unconsolidated, naturally occurring soil material consisting of decomposed and partially decomposed mosses, sedges, trees, and other wetland plants, having 12% or greater organic carbon content on a dry weight basis. See Michigan Laws 324.64101
- 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
(1) The peat resource conservation and development fund is created in the state treasury.
(2) Subject to subsections (3) and (4), the following shall be deposited in the peat resource conservation and development fund:
(a) Money received by the state under contracts for the taking of peat.
(b) The fees imposed under this part.
(3) Money received by the state under contracts for taking of peat from state owned lands acquired with game and fish protection funds shall be deposited in the game and fish protection account of the Michigan conservation and recreation legacy fund provided for in section 2010.
(4) If the money in the fund exceeds $250,000.00 at the end of a state fiscal year, the excess shall be deposited in the Michigan natural resources trust fund created in section 35 of article IX of the state constitution of 1963 and provided for in section 1902 or as otherwise provided by law.