Mich. Comp. Laws § 324.1904

Current through Public Act 151 of the 2024 Legislative Session

Section 324.1904 - Limitation on amount accumulated in trust fund; deposit and distribution of amount

Until the Michigan state parks endowment fund reaches an accumulated principal of $800,000,000.00, the amount accumulated in the trust fund shall not exceed $500,000,000.00, exclusive of interest and earnings and amounts authorized for expenditure under this part. Any amount of money that would be a part of the trust fund but for the limitation stated in this section shall be deposited in the Michigan state parks endowment fund created in section 74119, until the Michigan state parks endowment fund reaches an accumulated principal of $800,000,000.00. After the Michigan state parks endowment fund reaches an accumulated principal of $800,000,000.00, the accumulated principal limit for the trust fund provided in this section no longer applies and the revenues from bonuses, rentals, delayed rentals, and royalties described in section 1902 shall be deposited into the trust fund for expenditure as provided in this part.

MCL 324.1904

Amended by 2018, Act 597,s 4.

Add. 1995, Act 60, Imd. Eff. 5/24/1995 ;--Am. 2002, Act 52, Eff. 9/21/2002.

2018, Act 597 provides: "Enacting section 3. This amendatory act does not take effect unless Senate Joint Resolution O of the 99th Legislature becomes a part of the state constitution of 1963 as provided in section 1 of article XII of the state constitution of 1963."