Michigan Laws 409.312a – Michigan civilian conservation corps endowment fund; creation; disposition, investment, and credit of money and assets; money to remain in endowment fund; administrator for auditing purposes; exp
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Terms Used In Michigan Laws 409.312a
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corps: means the Michigan civilian conservation corps established under this chapter. See Michigan Laws 409.302
- Department: means the department of natural resources. See Michigan Laws 409.302
- Endowment fund: means the Michigan civilian conservation corps endowment fund created in section 12a. See Michigan Laws 409.302
- Fiduciary: A trustee, executor, or administrator.
- 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
(1) The Michigan civilian conservation corps endowment fund is created within the state treasury.
(2) The state treasurer may receive money or other assets from any source for deposit into the endowment fund. The state treasurer shall direct the investment of the endowment fund. The state treasurer shall have the same authority to invest the assets of the endowment fund as is granted to an investment fiduciary under the public employee retirement system investment act, 1965 PA 314, MCL 38.1132 to 38.1141. The state treasurer shall credit to the endowment fund interest and earnings from endowment fund investments.
(3) Money in the endowment fund at the close of the fiscal year shall remain in the endowment fund and shall not lapse to the general fund.
(4) The department shall be the administrator of the fund for auditing purposes.
(5) The department shall expend only the interest and earnings of the endowment fund for the operation of the corps.