Sec. 71506.
(1) The recreation bond fund is created in the state treasury.
(2) The fund shall consist of all of the following:
(a) The proceeds of sales of general obligation bonds issued pursuant to part 713 and any premium and accrued interest received on the delivery of the bonds.
(b) Any interest or earnings generated by the proceeds described in subdivision (a).
(c) Any repayments of principal and interest made under a loan program authorized for in this part.
(d) Any federal funds received.
(3) The department of treasury may establish restricted subaccounts within the fund as necessary to administer the fund.
History: Add. 1995, Act 58, Imd. Eff. May 24, 1995
Popular Name: Act 451
Popular Name: NREPA
Last modified: October 10, 2016