SB-1014, As Passed House, March 30, 2004
SUBSTITUTE FOR
SENATE BILL NO. 1014
A bill to amend 1994 PA 451, entitled
"Natural resources and environmental protection act,"
by amending section 36202 (MCL 324.36202), as added by 2000 PA
262.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 36202. (1) The agricultural preservation fund is
2 created within the state treasury.
3 (2) The state treasurer may receive money or other assets
4 from any source for deposit into the fund, including federal
5 funds, other state revenues, gifts, bequests, and other
6 donations. The state treasurer shall direct the investment of
7 the fund and shall credit to the fund interest and earnings from
8 fund investments.
9 (3) Money in the fund at the close of the fiscal year shall
10 remain in the fund and shall not lapse to the general fund.
1 (4) Money in the fund may be expended, upon appropriation,
2 following approval of the board and the commission, as follows:
3 (a) Not more than $700,000.00
$900,000.00 annually for the
4 administrative costs of the department and the board in
5 implementing this part and part 361. However, if deposits into
6 the fund during any given
fiscal year exceed $8,750,000.00
7 $11,250,000.00, up to 8% of the deposits may be expended for
8 administrative costs pursuant to this subdivision.
9 (b) After expenditures for the administrative costs under
10 subdivision (a), money in the fund may be used to provide grants
11 to local units of government pursuant to section 36203.
12 (c) After expenditures under subdivisions (a) and (b) have
13 been made, if the amount of money remaining in the fund exceeds
14 $5,000,000.00, money in the fund may be used pursuant to
15 section 36111b part 361 for the purchase of development
rights
16 to farmland or the acquisition of agricultural conservation
17 easements.
18 (5) Expenditures of money in the fund as provided in this
19 part are consistent with the state's interest in preserving
20 farmland and are declared to be for an important public purpose.