Mich. Comp. Laws § 324.19707: Bond proceeds; disposition; investment; expenditure; tax exempt status; funds remaining at close of fiscal year; annual accounting.

Sec. 19707.

The total proceeds of all bonds sold at public or private sale shall be deposited into the fund.

The state treasurer shall direct the investment of the fund.

The bond proceeds shall be expended in an appropriate manner that maintains the tax exempt status of any bonds issued as tax exempt bonds.

The unencumbered balance in the fund at the close of the fiscal year shall remain in the fund and shall not lapse to the general fund.

The department shall provide an annual accounting of bond proceeds spending on a cash basis to the department of treasury. This accounting shall be submitted to the governor, the standing committees of the house of representatives and the senate that primarily address issues pertaining to the protection of natural resources and the environment, and the appropriations committees in the house of representatives and the senate.