Michigan Laws 285.174a – State exposition and fairgrounds fund; creation; disposition; annual report; expenditure
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Terms Used In Michigan Laws 285.174a
- 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.
- Authority: means the state exposition and fairgrounds authority created in section 9. See Michigan Laws 285.162
- Department: means the department of management and budget. See Michigan Laws 285.162
- 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 state exposition and fairgrounds fund created in section 14a. See Michigan Laws 285.162
- 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 state exposition and fairgrounds fund is created within the state treasury. The fund shall be administered by the authority.
(2) The state treasurer shall direct the investment of the fund. The state treasurer shall credit to the fund interest and earnings from fund investments. The state treasurer may receive money or other assets from any source for deposit into the fund. Money generated from the operation of activities authorized by this act shall be deposited into the fund.
(3) Money in the fund at the close of the fiscal year shall remain in the fund and shall not lapse to the general fund.
(4) The authority shall submit an annual report to the legislature and the department showing the amount of money received under this act and how that money was spent.
(5) The money in the fund shall be expended pursuant to appropriation of the legislature by the authority in the following order of priority:
(a) Providing for an annual state fair.
(b) Maintaining the state exposition and fairgrounds.
(c) Any other purpose authorized under this act.