MCL PREAMBLE

• Library: Michigan Statutes
• Edition: 2023
• Currency: Current through Public Act 321 of the 2023 Legislative Session
• Year: 2023
• Citation: MCL PREAMBLE

(1) There is hereby established the Michigan state parks endowment fund. The endowment fund shall consist of revenues as provided in section 35 of this article, and as provided by law. The endowment fund may also receive private contributions of money or other things of value. The assets of the endowment fund shall be invested as provided by law.

(2) The accumulated principal of the endowment fund shall not exceed $800,000,000.00, which amount shall be annually adjusted pursuant to the rate of inflation beginning when the endowment fund reaches $800,000,000.00. This annually adjusted figure is the accumulated principal limit of the endowment fund.

(3) Money available for expenditure from the endowment fund as provided in this section shall be expended for all of the following:

(a) Capital improvements at Michigan State Parks.

(b) Operations and maintenance at Michigan State Parks.

(c) Acquisition of land or rights in land for Michigan State Parks.

(d) Administration of the endowment fund.

(4) Not less than 20 percent of the money made available for expenditure from the endowment fund from any state fiscal year shall be expended under subsection (3)(a) for capital improvements at Michigan State Parks.