Michigan Compiled Laws § 324.21506a Refined Petroleum Fund; Creation; Deposit Of Money Or Other Assets; Investment; Money Remaining At Close Of Fiscal Year; Expenditures; Purposes.

324.21506a Refined petroleum fund; creation; deposit of money or other assets; investment; money remaining at close of fiscal year; expenditures; purposes.

Sec. 21506a.

(1) The refined petroleum fund is created within the state treasury.

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

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

(4) Money from the refined petroleum fund shall be expended, upon appropriation, only for 1 or more of the following purposes:

(a) Corrective actions performed by the department pursuant to section 21320.

(b) The reasonable costs of the department in administering the refined petroleum fund and implementing part 213.

(i) The weights and measures act, 1964 PA 283, MCL 290.601 to 290.635.

(ii) The motor fuels quality act, 1984 PA 44, MCL 290.641 to 290.650d.

(d) Other purposes as determined by the legislature.

History: Add. 2004, Act 390, Imd. Eff. Oct. 12, 2004 ;-- Am. 2006, Act 318, Imd. Eff. July 20, 2006 ;-- Am. 2007, Act 67, Imd. Eff. Sept. 28, 2007 ;-- Am. 2012, Act 113, Imd. Eff. May 1, 2012 ;-- Am. 2014, Act 416, Imd. Eff. Dec. 30, 2014

Compiler's Notes: Enacting section 1 of Act 390 of 2004 provides:"Enacting section 1. The provisions of this amendatory act relating to the extension and collection of the regulatory fee provided for under this part and the obligation to pay the fee shall be applied retroactively. The requirement to impose and collect the regulatory fee and the obligation to pay the fee shall not be considered to have ceased at any time since the date the requirement and obligation were originally enacted into law. The requirement that this enacting section be applied retroactively extends to any regulatory fee imposed or collected even if it is alleged or determined that sufficient regulatory fees were collected to pay in full bonds or notes issued by the Michigan underground storage tank financial assurance authority.
Popular Name: Act 451
Popular Name: NREPA

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Last modified: October 10, 2016