Sec. 703.
(1) The forest and mineral resource development fund is created as a separate fund in the department of treasury to be administered and expended by the department for the purpose of making grants and loans pursuant to sections 704 and 705.
(2) There shall be appropriated annually from the general fund of the state, or from any special revenue source that is dedicated to forest and mineral resource development or from funds made available by the private sector, a sufficient sum to carry out the requirements of this part. Of the money appropriated by the legislature, the department shall make grants and loans as provided in sections 704 and 705 in a manner that as nearly as practicable results in an even distribution of grants and loans to encourage the state's forestry and forest products industry and grants and loans to encourage the state's mineral industry.
(3) In addition to the appropriated funds, the fund shall include all repayments of principal and interest and earnings generated under a loan granted under this part.
(4) Appropriations made to the fund and interest and earnings generated by the fund do not lapse to the general fund at the end of the fiscal year for which an appropriation was made, but shall remain in the fund to be expended as provided in this part.
History: Add. 1995, Act 60, Imd. Eff. May 24, 1995
Popular Name: Act 451
Popular Name: NREPA
Last modified: October 10, 2016