HOUSE BILL NO. 5584
A bill to establish a raise up local grant fund for payment of matching state grants authorized by a certain matching grant program for certain property taxes and special assessments levied by certain municipalities and school districts; and to provide for the powers and duties of certain state governmental officers and entities.
the people of the state of michigan enact:
(a) "Department" means the department of treasury.
(b) "Eligible municipality" and "eligible school district" mean those terms as defined in the raise up local grant act.
(2) The state treasurer may receive money or other assets from any source for deposit into the fund. The state treasurer shall direct the investment of the fund. The state treasurer shall credit to the fund interest and earnings from fund investments.
(3) Money in the fund at the close of the fiscal year does not lapse to the general fund.
(4) The department shall be the administrator of the fund for auditing purposes.
(5) The department shall only expend money from the fund, upon appropriation, to distribute matching grants to eligible municipalities and eligible school districts as provided in the raise up local grant act.