Michigan Laws 120.157 – Maritime and port facility assistance fund
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Terms Used In Michigan Laws 120.157
- 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.
- 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 maritime and port facility assistance fund created in section 7. See Michigan Laws 120.153
- Office: means the maritime and port facility assistance office created in section 10s of 1951 PA 51, MCL 247. See Michigan Laws 120.153
- Port facility: means a commercial facility located alongside a navigable waterway used for commercial vessels and includes any of the following types of facilities:
(i) A seawall jetty, pier, wharf, or dock. See Michigan Laws 120.153state: 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 maritime and port facility assistance fund is created in the state treasury.
(2) The state treasurer shall deposit money and other assets received from any source into the fund. The state treasurer shall direct the investment of money in the fund and credit interest and earnings from the investments to the fund.
(3) Money in the fund at the close of the fiscal year does not lapse to the general fund.
(4) The office is the administrator of the fund for audits of the fund.
(5) The office shall expend money from the fund, on appropriation, only for the purposes described in section 5, and in section 10s of 1951 PA 51, MCL 247.660s.