Mich. Const. art. IX, § 35a

Michiganstateparksendowmentfund. Sec. 35a. 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 providedbylaw.Theendowmentfundmayalsoreceiveprivatecontributionsofmoneyorother things of value. All money in the Genevieve Gillette state parks endowment fund shall be Art.IX,§35a CONSTITUTION OF MICHIGAN OF 1963 48 transferred to the endowment fund. The assets of the endowment fund shall be invested as providedbylaw. Theaccumulatedprincipaloftheendowmentfundshallnotexceed$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 principallimitoftheendowmentfund. Moneyavailableforexpenditurefromtheendowmentfundasprovidedinthissectionshall be expended for operations, maintenance, and capital improvements at Michigan state parks andfortheacquisitionoflandorrightsinlandforMichiganstateparks. Moneyintheendowmentfundshallbeexpendedasfollows: (1) Until the endowment fund reaches an accumulated principal of $800,000,000.00, each statefiscalyearthelegislaturemayappropriatenotmorethan50percentofthemoneyreceived under section 35 of this article plus interest and earnings and any private contributions or otherrevenuetotheendowmentfund. (2) Once the accumulated principal in the endowment fund reaches $800,000,000.00, only theinterestandearningsoftheendowmentfundinexcessoftheamountnecessarytomaintain theendowmentfund’saccumulatedprincipallimitmaybemadeavailableforexpenditure. Unexpendedappropriationsoftheendowmentfundfromanystatefiscalyearasauthorized bythissectionmaybecarriedforwardormaybeappropriatedasdeterminedbythelegislature forpurposesofthissection. Thelegislatureshallprovidebylawforimplementationofthissection. History: Add.S.J.R.E,approvedNov.8,1994,Eff.Dec.24,1994;—Am.S.J.R.T,approvedAug.6,2002,Eff.Sept.21,2002 tedprincipallimitmaybemadeavailableforexpenditure. Unexpendedappropriationsoftheendowmentfundfromanystatefiscalyearasauthorized bythissectionmaybecarriedforwardormaybeappropriatedasdeterminedbythelegislature forpurposesofthissection. Thelegislatureshallprovidebylawforimplementationofthissection. History: Add.S.J.R.E,approvedNov.8,1994,Eff.Dec.24,1994;—Am.S.J.R.T,approvedAug.6,2002,Eff.Sept.21,2002. Compiler’snote: ThissectionwasoriginallyaddedtotheConstitutionbyS.J.R.Eassection36,effectiveDec.24,1994,butwas compiledas§36[1]todistinguishitfromanothersection36addedtoArticle9,effectiveApril30,1994,whichpertainedtoataxontobacco products.Whenthissection(§36[1])wasamendedbyS.J.R.T,effectiveSeptember21,2002,itwasrenumberedassection35a.