MI SB0763

Modifies the Michigan Natural Resources Trust Fund to consist of bonuses, rentals, delayed rentals, and royalties from extraction of nonrenewable resources on state-owned lands, excluding lands acquired with game/fish protection funds or federal Pittman-Robertson and Dingell-Johnson funds.

Requires trust fund interest and earnings to be expended only for land acquisition for recreation or environmental/scenic protection, development and renovation of public recreation facilities, and trust fund administration including payments in lieu of taxes.

Establishes that at least 25% of annual trust fund expenditures must go to land acquisition and at least 25% to development and renovation of public recreation facilities.

Limits trust fund accumulated principal to $500,000,000 (exclusive of interest and earnings) until the Michigan State Parks Endowment Fund reaches $800,000,000, after which excess revenues transfer to the parks endowment fund.

Creates the Local Public Recreation Facilities Fund to provide grants to local units of government for development, renovation, and redevelopment of public recreation facilities under the same board procedures and guidelines as the trust fund.