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Section 18.1360 Michigan Infrastructure Fund; Creation; Deposit; Investment; Interest and Earnings; Money at Close of Fiscal Year; Administration of Fund for Auditing Purposes; Expenditure.

MI Comp L § 18.1360 (2019) (N/A)
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Sec. 360.

(1) The Michigan infrastructure fund is created within the state treasury.

(2) The state treasurer may receive money or other assets from any source for deposit into the Michigan infrastructure fund. The state treasurer shall direct the investment of the Michigan infrastructure fund. The state treasurer shall credit to the Michigan infrastructure fund interest and earnings from Michigan infrastructure fund investments.

(3) Money in the Michigan infrastructure fund at the close of the fiscal year shall remain in the Michigan infrastructure fund and shall not lapse to the general fund.

(4) The department shall be the administrator of the Michigan infrastructure fund for auditing purposes.

(5) Money shall be expended from the Michigan infrastructure fund, upon appropriation, only to offset future infrastructure expenses as provided by law.

History: Add. 2016, Act 223, Imd. Eff. June 23, 2016 Popular Name: Act 431Popular Name: DMBPopular Name: Rainy Day Fund

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Section 18.1359 Combining Amounts in Fund and in State Treasury for Purposes of Cash Management; Investment Earnings; Separate Accounting; Crediting Transfer to Fund.
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Section 18.1360a Expenditure of Money; Limitation.