Sec. 14a.
(1) The state exposition and fairgrounds fund is created within the state treasury. The fund shall be administered by the authority.
(2) The state treasurer shall direct the investment of the fund. The state treasurer shall credit to the fund interest and earnings from fund investments. The state treasurer may receive money or other assets from any source for deposit into the fund. Money generated from the operation of activities authorized by this act shall be deposited into the fund.
(3) Money in the fund at the close of the fiscal year shall remain in the fund and shall not lapse to the general fund.
(4) The authority shall submit an annual report to the legislature and the department showing the amount of money received under this act and how that money was spent.
(5) The money in the fund shall be expended pursuant to appropriation of the legislature by the authority in the following order of priority:
(a) Providing for an annual state fair.
(b) Maintaining the state exposition and fairgrounds.
(c) Any other purpose authorized under this act.
History: Add. 2000, Act 39, Imd. Eff. Mar. 24, 2000 ;-- Am. 2004, Act 468, Eff. Mar. 1, 2005