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MI SB1273
Bill
AI Summary
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Amends Section 1904 of the Natural Resources and Environmental Protection Act (1994 PA 451) to modify how trust fund revenues are distributed once certain thresholds are reached.
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Sets a $500,000,000 cap on accumulation in the trust fund, exclusive of interest, earnings, and authorized expenditures.
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Directs excess revenues exceeding the trust fund cap to the Michigan State Parks Endowment Fund until it reaches $800,000,000 in accumulated principal.
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Once the State Parks Endowment Fund reaches $800,000,000, excess revenues must be deposited into the Michigan Transportation Fund for use by counties, cities, and villages for road, street, and bridge construction, maintenance, and improvement.
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Takes effect only if Senate Bill No. 1274 of the 96th Legislature is enacted into law.
Legislative Description
State financing and management; funds; oil and gas royalty revenue earmarked to state parks endowment fund; require to earmark funds to Michigan transportation fund for local roads when cap is reached. Amends sec. 1904 of 1994 PA 451 (MCL 324.1904). TIE BAR WITH: SB 1274'12
State financing and management, funds
Last Action
Referred To Committee On Appropriations
9/13/2012