Michigan Constitution Article IX Section 35a – Michigan state parks endowment fund
Terms Used In Michigan Constitution Article IX Section 35a - Michigan state parks endowment fund
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
(1) There is hereby established the Michigan state parks endowment fund. The endowment fund shall consist of revenues as provided in § 35 of this Article, and as provided by law. The endowment fund may also receive private contributions of money or other things of value. The assets of the endowment fund shall be invested as provided by law.
(2) The accumulated principal of the endowment fund shall not exceed $800,000,000.00, which amount shall be annually adjusted pursuant to the rate of inflation beginning when the endowment fund reaches $800,000,000.00. This annually adjusted figure is the accumulated principal limit of the endowment fund.
(3) Money available for expenditure from the endowment fund as provided in this section shall be expended for all of the following:
(a) Capital improvements at Michigan State Parks.
(b) Operations and maintenance at Michigan State Parks.
(c) Acquisition of land or rights in land for Michigan State Parks.
(d) Administration of the endowment fund.
(4) Not less than 20 percent of the money made available for expenditure from the endowment fund from any state fiscal year shall be expended under subsection (3)(a) for capital improvements at Michigan State Parks.
(5) Money in the endowment fund shall be expended as follows:
(a) Until the endowment fund reaches an accumulated principal of $800,000,000.00, each state fiscal year the legislature may appropriate not more than 50 percent of the money received under § 35 of this Article plus interest and earnings and any private contributions or other revenue to the endowment fund.
(b) Once the accumulated principal in the endowment fund reaches $800,000,000.00, only the interest and earnings of the endowment fund in excess of the amount necessary to maintain the endowment fund’s accumulated principal limit may be made available for expenditure.
(6) Unexpended appropriations of the endowment fund from any state fiscal year as authorized by this section may be carried forward or may be appropriated as determined by the legislature for purposes of this section.
(7) The legislature shall provide by law for implementation of this section.