Michigan Laws 324.19606 – Clean Michigan initiative bond fund; creation; composition; establishment of restricted subaccounts
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(1) The clean Michigan initiative bond fund is created in the state treasury.
(2) The fund shall consist of all of the following:
Terms Used In Michigan Laws 324.19606
- Bonds: means the bonds authorized under the clean Michigan initiative act, 1998 PA 284, MCL 324. See Michigan Laws 324.19601
- Department: means the department of environmental quality. See Michigan Laws 324.19601
- Fund: means the clean Michigan initiative bond fund created in section 19606. See Michigan Laws 324.19601
- 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
(a) The proceeds of sales of the bonds and any premium and accrued interest received on the delivery of the bonds.
(b) Any interest or earnings generated by the proceeds described in subdivision (a).
(c) Any repayment of principal and interest made under a loan program authorized in this part.
(d) Any federal or other funds received.
(3) The department of treasury may establish restricted subaccounts within the fund as necessary to administer the fund.