Mi. Const. art. IX, § 35 — Article IX / Section 35
Mich. Const. art. IX, § 35
Status: in_force

Michigannaturalresourcestrustfund. Sec. 35. There is hereby established the Michigan natural resources trust fund. The trust fundshallconsistofallbonuses,rentals,delayedrentals,androyaltiescollectedorreservedby 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 thingsofvalue.Theassetsofthetrustfundshallbeinvestedasprovidedbylaw. 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 otherwisededicatedtothetrustfundthatarereceivedbythestateeachstatefiscalyearshall 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 50percentofthetotalrevenuesfrombonuses,rentals,delayedrentals,androyaltiesdescribed in this section otherwise dedicated to the trust fund that are received by the state each state fiscalyearshallbedepositedintotheMichiganstateparksendowmentfund. 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,allrevenuefrombonuses,rentals,delayedrentals,androyaltiesdescribedin 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,delayedrentals,androyaltiesdescribedinthissectionshallbedistributedas providedbylaw. Theinterestandearningsofthetrustfundshallbeexpendedfortheacquisitionoflandor 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 providedbythelocalunitofgovernmentorpublicauthority. Until the trust fund reaches an accumulated principal of $500,000,000.00, the legislature mayprovide,inadditiontotheexpenditureofinterestandearningsauthorizedbythissection, 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 fiscalyearmaybeexpendedduringsubsequentstatefiscalyearsforthepurposesofthissection. Notlessthan25percentofthetotalamountsmadeavailableforexpenditurefromthetrust fundfromanystatefiscalyearshallbeexpendedforacquisitionoflandandrightsinlandand not more than 25 percent of the total amounts made available for expenditure from the trust fundfromanystatefiscalyearshallbeexpendedfordevelopmentofpublicrecreationfacilities. Thelegislatureshallprovidebylawfortheestablishmentofatrustfundboardwithinthe 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’srecommendationstothelegislatureinanappropriationsbill. Thelegislatureshallprovidebylawfortheimplementationofthissection. History: Add.H.J.R.M,approvedNov.6,1984,Eff.Dec.22,1984;—Am.S.J.R.E,approvedNov.8,1994,Eff.Dec.24,1994;—Am. S.J.R.T,approvedAug.6,2002,Eff.Sept.21,2002.