Michigan Laws 339.5909 – State boiler inspection fund; requirements
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 339.5909
- Boiler: means a closed vessel in which water is heated, steam is generated, or steam is superheated, or a combination of those actions occurs, under pressure or vacuum by the application of heat from combustible fuels, electricity, or nuclear energy. See Michigan Laws 339.5901
- Department: means the department of licensing and regulatory affairs. See Michigan Laws 339.5103
- Director: means the director of the department of licensing and regulatory affairs or his or her authorized representative. See Michigan Laws 339.5103
- 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.
- 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
The state boiler inspection fund created under former 1965 PA 290 shall continue as a restricted fund in the state treasury. Beginning on the effective date of this act, all of the following apply to the state boiler inspection fund:
(a) The state treasurer is the custodian of the fund, may invest the surplus of the fund, and shall credit earnings from those investments to the fund.
(b) The state treasurer shall notify the director and the legislature of interest credited and the balance of the fund as of September 30 of each year.
(c) The director shall supervise and administer the fund and is the administrator of the fund for auditing purposes.
(d) Fees received by the department and money collected under this article shall be deposited in the state boiler inspection fund and shall be appropriated by the legislature for the operations of the boiler division and indirect overhead expenses in the department.
(e) Money in the fund at the end of each fiscal year shall remain in the fund and shall not lapse to the general fund.