Michigan Compiled Laws
Act 187 of 2014 - Michigan Settlement Administration Authority Act (141.1601 - 141.1611)
Section 141.1607 - Settlement Administration Fund; Creation; Deposit of Money or Other Assets; Investment; Interest and Earnings; Money Remaining at Close of Fiscal Year; Expenditure.

Sec. 7.
(1) The settlement administration fund is created within the state treasury.
(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 shall remain in the fund and shall not lapse to the general fund.
(4) The authority shall expend money from the fund only as provided in this act.
History: 2014, Act 187, Imd. Eff. June 20, 2014

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 141 - Municipal Financing

Act 187 of 2014 - Michigan Settlement Administration Authority Act (141.1601 - 141.1611)

Section 141.1601 - Short Title.

Section 141.1602 - Legislative Findings and Declarations.

Section 141.1603 - Definitions.

Section 141.1604 - Michigan Settlement Administration Authority; Creation; Authority as State Institution; Appropriation.

Section 141.1605 - Authority; Exercise of Duties; Performance of Administrative Functions.

Section 141.1606 - Board of Directors; Membership; Compensation; Travel and Expenses; Quorum; Vote; Members Subject to MCL 15.321 to 15.330 and MCL 15.301 to 15.310; Discharge of Duties.