Section 35. Michigan natural resources trust fund
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Michigan natural resources trust fund
(1) There is hereby established the Michigan natural resources trust fund. The trust fund shall consist of all bonused, rentals, delayed rentals, and royalties collected or reserved by the state under provisions of leases for the extraction of nonrenewable resources from state owned lands, except such revenues accruing under leases of state owned lands acquired with money from state or federal game and fish protection funds or revenues accruing from lands purchased with such revenues. However, until the Michigan state parks endowment fund reaches an accumulated principal of $800,000,000.00, the revenues from bonuses, rentals, delayed rentals, royalties described in this section that would otherwise be deposited into the trust fund shall be deposited into the Michigan state parks endowment fund. In addition to the revenues described in this subsection, the trust fund may receive appropriations, money, or other things of value. The assets of the trust fund shall be invested as provided by law.
(2) Until the Michigan state parks endowment fund reaches an accumulated principal of $800,000,000.00, the amount accumulated in the trust fund in any state fiscal year shall not exceed $500,000,000.00, exclusive of interest and earnings and money authorized for expenditure pursuant to this section. This amount is the accumulated principal limit. The accumulated principal of the trust fund shall not be expended. However, the interest and earnings of the trust fund shall be expended for the following:
(a) Acquisition of land or rights in land for recreational uses or protection of the land because of its environmental importance or its scenic beauty.
(b) Development, renovation, and redevelopment of public recreation facilities.
(c) Administration of the trust fund, which may include payments in lieu of taxes on state owned land purchased through the trust fund.
(3) The trust fund may provide grants to local units of government or public authorities, which shall be used for the purposes of this section. The legislature shall provide that a portion of the cost of a project funded by these grants be provided by the local unit of government or public authority.
(4) After the Michigan state parks endowment fund reaches an accumulated principal of $800,000,000.00, the accumulated principal limit for the trust fund as provided for in subsection (2) no longer applied and the revenues from bonuses, rentals, delayed rentals, and royalties described in subsection (1) shall be deposited into the trust fund. From these revenues each year the legislature may provide, in addition to the expenditure of interest and earnings authorized by this section, that a portion, not to exceed 50 percent, may be expended during subsequent state fiscal years for the purposes of this section.
(5) Not less than 25 percent of the money made available for expenditure from the trust fund from any state fiscal year shall be expended for acquisition of land and rights in land for recreational uses or protection of the land because of its environmental importance or its scenic beauty, and not less than 25 percent of the money made available for expenditure from the trust fund from any state fiscal year shall be expended for development, renovation, and redevelopment of public recreation facilities.
(6) The legislature shall provide by law for the establishment of a trust fund board within the department of natural resources. The trust fund board shall recommend the projects to be funded. The board shall submit its recommendations to the governor who shall submit the board’s recommendations to the legislature in an appropriations bill.
(7) The legislature shall provide by law for the implementation of this section.
Michigan natural resources trust fund
There is hereby established the Michigan natural resources trust fund. The trust fund shall consist of all bonused, rentals, delayed rentals, and royalties collected or reserved by the state under provisions of leases for the extraction of nonrenewable resources from state owned lands, except such revenues accruing under leases of state owned lands acquired with money from state or federal game and fish protection funds or revenues accruing from lands purchased with such revenues. The trust fund may receive appropriations, money, or other things of value. The assets of the trust fund shall be invested as provided by law.
Until the trust fund reaches an accumulated principal of $500,000,000.00, $10,000,000.00 of the revenues from bonuses, rentals, delayed rentals, and royalties described in this section otherwise dedicated to the trust fund that are received by the state each state fiscal year shall be deposited into the Michigan state parks endowment fund. However, until the trust fund reaches an accumulated principal of $500,000,000.00, in any state fiscal year, not more than 50 percent of the total revenues from bonuses, rentals, delayed rentals, and royalties described in this section otherwise dedicated to the trust fund that are received by the state each state fiscal year shall be deposited into the Michigan state parks endowment fund.
The amount accumulated in the trust fund in any state fiscal year shall not exceed $500,000,000.00, exclusive of interest and earnings and amounts authorized for expenditure pursuant to this section. When the accumulated principal of the trust fund reaches $500,000,000.00, all revenue from bonuses, rentals, delayed rentals, and royalties described in this section that would be received by the trust fund but for this limitation shall be deposited into the Michigan state parks endowment fund until the Michigan state parks endowment fund reaches an accumulated principal of $800,000,000.00. When the Michigan state parks endowment fund reaches an accumulated principal of $800,000,000.00, all revenues from bonuses, rentals, delayed rentals, and royalties described in this section shall be distributed as provided by law.
The interest and earnings of the trust fund shall be expended for the acquisition of land or rights in land for recreational uses or protection of the land because of its environmental importance or its scenic beauty, for the development of public recreation facilities, and for the administration of the trust fund, which may include payments in lieu of taxes on state owned land purchased through the trust fund. The trust fund may provide grants to units of local government or public authorities which shall be used for the purposes of this section. The legislature shall provide that a portion of the cost of a project funded by such grants be provided by the local unit of government or public authority.
Until the trust fund reaches an accumulated principal of $500,000,000.00, the legislature may provide, in addition to the expenditure of interest and earnings authorized by this section, that a portion, not to exceed 33-1/3 percent, of the revenues from bonuses, rentals, delayed rentals, and royalties described in this section received by the trust fund during each state fiscal year may be expended during subsequent state fiscal years for the purposes of this section.
Not less than 25 percent of the total amounts made available for expenditure from the trust fund from any state fiscal year shall be expended for acquisition of land and rights in land and not more than 25 percent of the total amounts made available for expenditure from the trust fund from any state fiscal year shall be expended for development of public recreation facilities.
The legislature shall provide by law for the establishment of a trust fund board within the department of natural resources. The trust fund board shall recommend the projects to be funded. The board shall submit its recommendations to the governor who shall submit the board’s recommendations to the legislature in an appropriations bill.
The legislature shall provide by law for the implementation of this section.
Michigan natural resources trust fund
There is hereby established the Michigan natural resources trust fund. The trust fund shall consist of all bonused, rentals, delayed rentals, and royalties collected or reserved by the state under provisions of leases for the extraction of nonrenewable resources from state owned lands, except such revenues accruing under leases of state owned lands acquired with money from state or federal game and fish protection funds or revenues accruing from lands purchased with such revenues. The trust fund may receive appropriations, money, or other things of value.
All money in the state recreational land acquisition trust and the heritage trust shall be transferred to the trust fund. Until September 30, 1994, the legislature may provide by law that revenues otherwise dedicated to the trust fund be distributed to the Michigan economic development authority under the terms and in amounts not to exceed the distributions allowed by law on March 30, 1984. The legislature shall provide by law that all rights acquired by holders of bonds heretofore issued by the Michigan economic development authority shall remain unimpaired. Until the trust fund reaches an accumulated principal of $400,000,000.00, $10,000,000.00 of the revenues from bonuses, rentals, delayed rentals, and royalties described in this section otherwise dedicated to the trust fund that are received by the state each state fiscal year shall be deposited into the Michigan state parks endowment fund. However, until the trust fund reaches an accumulated principal of $400,000,000.00, in any state fiscal year, not more than 50 percent of the total revenues from bonuses, rentals, delayed rentals, and royalties described in this section otherwise dedicated to the trust fund that are received by the state each state fiscal year shall be deposited into the Michigan state parks endowment fund.
The amount accumulated in the trust fund in any state fiscal year shall not exceed $400,000,000.00, exclusive of interest and earnings and amounts authorized for expenditure pursuant to this section. When the accumulated principal of the trust fund reaches $400,000,000.00, all revenue from bonuses, rentals, delayed rentals, and royalties described in this section that would be received by the trust fund but for this limitation shall be deposited into the Michigan state parks endownment fund reaches an accumulated principal of $800,000,000.00, all revenues from bonuses, rentals, delayed rentals, and royalties described in this section shall be distributed as provided by law.
The interest and earnings of the trust fund shall be expended for the acquisition of land or rights in land for recreational uses or protection of the land because of its environmental importance or its scenic beauty, for the development of public recreation facilities, and for the administration of the trust fund, which may include payments in lieu of taxes on state owned land purchased through the trust fund. The trust fund may provide grants to units of local government or public authorities which shall be used for the purposes of this section. The legislature shall provide that a portion of the cost of a project funded by such grants be provided by the local unit of government or public authority.
Until the trust fund reaches an accumulated principal of $200,000,000.00, the legislature may provide, in addition to the expenditure of interest and earnings authorized by this section, that a portion, not to exceed 33-1/3 percent, of the revenues from bonuses, rentals, delayed rentals, and royalties described in this section received by the trust fund during each state fiscal year may be expended during subsequent state fiscal years for the purposes of this section.
Not less than 25 percent of the total amounts made available for expenditure from the trust fund from any state fiscal year shall be expended for acquisition of land and rights in land and not more than 25 percent of the total amounts made available for expenditure from the trust fund from any state fiscal year shall be expended for development of public recreation facilities.
The legislature shall provide by law for the establishment of a trust fund board within the department of natural resources. The trust fund board shall recommend the projects to be funded. The board shall submit its recommendations to the governor who shall submit the board’s recommendations to the legislature in an appropriations bill.
The legislature shall provide by law for the implementation of this section.
Michigan natural resources trust fund
There is hereby established the Michigan natural resources trust fund. The trust fund shall consist of all bonused, rentals, delayed rentals, and royalties collected or reserved by the state under provisions of leases for the extraction of nonrenewable resources from state owned lands, except such revenues accruing under leases of state owned lands acquired with money from state or federal game and fish protection funds or revenues accruing from lands purchased with such revenues. The trust fund may receive appropriations, money, or other things of value.
All money in the state recreational land acquisition trust and the heritage trust shall be transferred to the trust fund. The legislature may provide by law that revenues otherwise dedicated to the trust fund be distributed to the Michigan economic development authority under the terms and in amounts not to exceed the distributions allowed by law on March 30, 1984. The legislature shall provide by law that all rights acquired by holders of bonds heretofore issued by the Michigan economic development authority shall remain unimpaired.
The amount accumulated in the trust fund in any state fiscal year shall not exceed $200,000,000.00, exclusive of interest and earnings, except that this limitation may be increased by law.
The interest and earnings of the trust fund shall be expended for the acquisition of land or rights in land for recreational uses or protection of the land because of its environmental importance or its scenic beauty, for the development of public recreation facilities, and for the administration of the trust fund, which may include payments in lieu of taxes on state owned land purchased through the trust fund. The trust fund may provide grants to units of local government or public authorities which shall be used for the purposes of this section. The legislature shall provide that a portion of the cost of a project funded by such grants be provided by the local unit of government or public authority.
The legislature may provide that a portion, not to exceed 33-1/3 percent, of the revenues received by the trust fund during a fiscal year may be expended during the following fiscal year for the purposes of this section. Not less than 25 percent of the total expenditures from the trust fund in any fiscal year shall be expended for acquisition of land and rights in land, and not more than 25 percent of the total expenditures from the trust fund in any fiscal year shall be expended for development of public recreation facilities.
The legislature shall provide by law for the establishment of a trust fund board within the department of natural resources. The trust fund board shall recommend the projects to be funded. The board shall submit its recommendations to the governor who shall submit the board’s recommendations to the legislature in an appropriations bill.
The legislature shall provide by law for the implementation of this section.