Sec. 3e.
(1) The cleanup and redevelopment trust fund is created within the state treasury.
(2) The state treasurer may receive money or other assets from any source for deposit into the trust fund. The state treasurer shall direct the investment of the trust fund. The state treasur er shall credit to the trust fund interest and earnings from fund investments.
(3) Money in the trust fund at the close of the fiscal year shall remain in the trust fund and shall not lapse to the general fund.
(4) The state treasurer shall annually disburse the following amounts from the trust fund:
(a) For each of the state fiscal years 1996-1997, 1997-1998, and 1998-1999, up to $15,000,000.00 each year of money in the trust fund to the cleanup and redevelopment fund created in section 20108 of part 201 (environmental remediation) of the natural resources and environmental protection act, Act No. 451 of the Public Acts of 1994, being section 324.20108 of the Michigan Compiled Laws.
(b) In addition to the disbursements under subdivision (a), each state fiscal year, 80% of the revenues received by the trust fund from disbursements under section 3c to the cleanup and redevelopment fund and 10% to the community pollution prevention fund created in section 3f.
(5) All money in the trust fund that is not disbursed pursuant to subsection (4) shall remain in the trust fund until the trust fund reaches an accumulated principal of $200,000,000.00. After the trust fund reaches an accumulated principal of $200,000,000.00, interest and earnings of the trust fund only shall be expended, upon appropriation, for the purposes specified in section 20113(4) of part 201 (environmental remediation) of the natural resources and environmental protection act, Act No. 451 of the Public Acts of 1994, being section 324.20113 of the Michigan Compiled Laws.
(6) As used in this section, "trust fund" means the cleanup and redevelopment trust fund created in subsection (1).
History: Add. 1996, Act 384, Imd. Eff. July 24, 1996
Popular Name: Bottle Bill