Michigan Laws 390.1345 – Restricted account; establishment and administration by department of treasury; use; carrying over money to next fiscal year
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Terms Used In Michigan Laws 390.1345
- Authority: means the Michigan higher education assistance authority created by 1960 PA 77, MCL 390. See Michigan Laws 390.1342
- 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) The department of treasury shall establish and administer a restricted account in the general fund for the children of veterans tuition grant program. The department of treasury shall credit to the account money appropriated or received from any source, including, but not limited to, amounts appropriated under section 437 of the income tax act of 1967, 1967 PA 281, MCL 206.437, and earnings on the account. The department of treasury shall use the money in the account only to provide money to the authority for tuition grants under this act.
(2) Money in the account described in subsection (1) at the end of a fiscal year shall not revert to the general fund but shall be carried over in the account to the next fiscal year.