Michigan Compiled Laws
451-1994-III-2-4-THE-TIMBER-INDUSTRY-505 - Part 505 Michigan Forest Finance Authority (324.50501...324.50522)
Section 324.50501 - Purpose of Part.

Sec. 50501.
The purpose of this part and of the authority created by this part is to preserve existing jobs, create new jobs, and alleviate and prevent unemployment through the retention, promotion, and development of forestry and forest industries and to protect the health and vigor of forest resources by doing all of the following:
(a) Funding practices prescribed and approved by the department that intensify management of certain highly productive portions of this state's forest system.
(b) Implementing a system of forest management that is investment-oriented, economically efficient, and environmentally sound.
(c) Implementing a system of forest management that is consistent with principles of sustainable forestry and with part 525.
(d) Promoting a stable and continuing supply of timber for future economic expansion.
(e) Providing dependable funding of scheduled forest management operations and practices.
(f) Promoting effective investment of revenues from timber sales for high future returns.
(g) Facilitating timely performance of forest management operations and practices.
(h) Earning additional revenues for forest management from timber sales.
(i) Establishing new stands of trees.
(j) Providing for reforestation, forest protection, and timber stand improvement.
(k) Providing an additional funding source for the purposes described in this section from indebtedness secured with revenues generated from future sale of timber harvested from state tax reverted lands, from lands in the state forest system from which revenues derived from the sale of timber were previously deposited in the forest management fund created in former 1945 PA 268, and from other lands as provided by law.
History: Add. 1995, Act 57, Imd. Eff. May 24, 1995 ;-- Am. 2004, Act 124, Imd. Eff. May 28, 2004 ;-- Am. 2020, Act 287, Imd. Eff. Dec. 29, 2020 Popular Name: Act 451Popular Name: NREPA

Structure Michigan Compiled Laws