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Sec. 35. (1) There is hereby established the Michigan natural resources trust fund. The trust fund shall consist of all bonuses, 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 HOWEVER, UNTIL THE MICHIGAN STATE PARKS ENDOWMENT FUND REACHES AN ACCUMULATED PRINCIPAL OF $800,000,000.00, THE REVENUES FROM BONUSES, RENTALS, DELAYED RENTALS, AND 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.
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.
(2) The 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 amounts
MONEY 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 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., for the development
(B) DEVELOPMENT, RENOVATION, AND REDEVELOPMENT of public recreation facilities. , and for the administration
(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 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 THESE grants be provided by the local unit of government or public authority.
(4) Until the trust fund reaches an accumulated principal of $500,000,000.00, the 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 APPLIES 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 33-1/3 50 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.
(5) Not less than 25 percent of the total amounts 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 more LESS than 25 percent of the total amounts 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.
Sec. 35a. (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. All money in the Genevieve Gillette state parks endowment fund shall be transferred to the endowment fund. 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 operations, maintenance, and capitalALL OF THE FOLLOWING:
(A) CAPITAL improvements at Michigan state parks STATE PARKS.and for the acquisition
(B) OPERATIONS AND MAINTENANCE AT MICHIGAN STATE PARKS.
(C) ACQUISITION of land or rights in land for Michigan state parks. 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.
(5) Money in the endowment fund shall be expended as follows:
(A) (1) Until the endowment fund reaches an accumulated principal of $800,000,000.00, each state fiscal year the legislature may appropriate not more than 50 percent of the money received under section 35 of this article plus interest and earnings and any private contributions or other revenue to the endowment fund.
(B) (2) Once the accumulated principal in the endowment fund reaches $800,000,000.00, only the interest and earnings of the endowment fund in excess of the amount necessary to maintain the endowment fund's accumulated principal limit may be made available for expenditure.
(6) Unexpended appropriations of the endowment fund from any state fiscal year as authorized by this section may be carried forward or may be appropriated as determined by the legislature for purposes of this section.
(7) The legislature shall provide by law for implementation of this section.
Resolved further, That the foregoing amendment shall be submitted to the people of the state at the next general election in the manner provided by law.
