324.5313c State revolving administration fund.
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/mi/chapter-324/324-5313cA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
324.5313c State revolving administration fund.
Sec. 5313c.
(1)The state revolving administration fund is created within the state treasury. The state treasurer may receive money or other assets for any source for deposit into the state revolving administration fund. The state treasurer shall direct the investment of the state revolving administration fund and credit to the fund interest and earnings from fund investments. Money in the state revolving administration fund at the end of the fiscal year remains in the fund and does not lapse to the general fund. The department is the administrator of the state revolving administration fund for auditing purposes.
(2)Not more than 0.25% of the interest charged on a loan issued under this part or part 54 may be deposited into the state revolving administration fund.
(3)The department shall expend money from the fund only for the reasonable costs of administering and conducting activities under this part and part 54.
History: Add. 2022, Act 132 , Imd. Eff. June 30, 2022
Popular Name: Act 451
Popular Name: NREPA