HOUSE BILL No. 4123

 

 

January 30, 2003, Introduced by Reps. Sak, Spade, Vagnozzi, Gleason, O'Neil and Paletko and referred to the Committee on Tax Policy.

        

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                 A bill to amend 1976 PA 225, entitled                                             

                                                                                

    "An act to defer the collection of special assessments on                   

    homestead properties; to provide for conditions of eligibility              

    for such a deferment; to prescribe the powers and duties of the             

    department of treasury, local assessing officers, and local                 

    collecting officers; to provide for the advancement of moneys by            

    the state to indemnify special assessment districts for losses              

    from deferment of collections; to provide for the advancement of            

    money by the state to an owner for the repayment of loans used by           

    the owner to pay special assessments; to provide for the                    

    collection of deferred special assessments and interest thereon,            

    and the disposition of these collections; to make an                        

    appropriation; and to prescribe penalties,"                                 

                                                                                

    by amending the title and sections 1, 2, 3, 4, 5, 6, 7, 8, 8a, 9,           

                                                                                

    and 10 (MCL 211.761, 211.762, 211.763, 211.764, 211.765, 211.766,           

                                                                                

    211.767, 211.768, 211.768a, 211.769, and 211.770), the title and            

                                                                                

    sections 2, 3, 4, and 10 as amended by 1980 PA 403 and section 8a           

                                                                                

    as amended by 1981 PA 59, and by adding section 4a.                         

                                                                                

                THE PEOPLE OF THE STATE OF MICHIGAN ENACT:                      

                                                                                

1                                 TITLE                                         

                                                                                

2                                                                                An act to defer the collection of special assessments and                          


                                                                                

1   property taxes on homestead properties; to provide for conditions           

                                                                                

2   of eligibility for such a deferment; to prescribe the powers and            

                                                                                

3   duties of the department of treasury, local assessing officers,             

                                                                                

4   and local collecting officers; to provide for the advancement of            

                                                                                

5   moneys  money by the state to indemnify special assessment                 

                                                                                

6   districts and local tax collecting units for losses from                    

                                                                                

7   deferment of collections; to provide for the advancement of money           

                                                                                

8   by the state to an owner for the repayment of loans used by the             

                                                                                

9   owner to pay special assessments and property taxes; to provide             

                                                                                

10  for the collection of deferred special assessments and property             

                                                                                

11  taxes and interest thereon, and the disposition of these                    

                                                                                

12  collections; to make an appropriation; and to prescribe                     

                                                                                

13  penalties.                                                                  

                                                                                

14      Sec. 1.  As used in this act:                                               

                                                                                

15      (a) "Department" means the department of treasury.                          

                                                                                

16      (b) "Equity" means the difference between twice the state                   

                                                                                

17  equalized valuation of a homestead and any outstanding mortgage,            

                                                                                

18  land contract, lien, or other encumbrance, including a lien                 

                                                                                

19  imposed under this act.                                                     

                                                                                

20      (c)  (b)  "Totally and permanently disabled" means a person                 

                                                                                

21  as defined  described in  42 U.S.C. section 416  section 216(i)            

                                                                                

22  of title II of the social security act, chapter 531, 49                     

                                                                                

23  Stat. 620, 42 U.S.C. 416.                                                   

                                                                                

24      (d)  (c)  "Homestead" means a dwelling or a unit in a                       

                                                                                

25  multiple-unit dwelling, owned and occupied as a home by  the  an            

                                                                                

26  owner,  thereof,  including all contiguous unoccupied real                  

                                                                                

27  property owned by the  person  owner.  Homestead includes a                 


                                                                                

1   dwelling and an outbuilding used in connection with a dwelling,             

                                                                                

2   situated on the  lands  property of another.                                

                                                                                

3       (e)  (d)  "Owner" includes a person eligible for the                        

                                                                                

4   exemption specified in this act, who is purchasing a homestead              

                                                                                

5   under a mortgage or land contract,  or  who owns a dwelling                 

                                                                                

6   situated on the leased lands of another, or who is a                        

                                                                                

7   tenant-stockholder of a cooperative housing corporation.                    

                                                                                

8       (f)  (e)  "Special assessment" means an assessment against                  

                                                                                

9   real property calculated on a benefit or ad valorem basis for               

                                                                                

10  curb and gutter, sidewalk, sewer, water, or street paving; a                

                                                                                

11  drain; a connection fee or similar charge for a sewer or water              

                                                                                

12  system; or the land contract on a parcel of property acquired               

                                                                                

13  under the circumstances set forth in section  3(2)  3(3).                   

                                                                                

14  Special assessment does not include charges for current service.            

                                                                                

15      Sec. 2.  (1) The payment of special assessments  assessed                   

                                                                                

16  and property taxes levied and due and payable on a homestead in             

                                                                                

17  any year in which the owner meets all of the terms and conditions           

                                                                                

18  of this act shall be deferred until 1 year after the owner's                

                                                                                

19  death, subject to further order by the probate court or until the           

                                                                                

20  homestead or any part of the homestead is conveyed or transferred           

                                                                                

21  to another or a contract to sell the homestead is entered into.             

                                                                                

22  The death of a spouse  shall  does not terminate the deferment of           

                                                                                

23  special assessments or property taxes for a homestead owned by              

                                                                                

24  husband and wife under tenancy by the entireties as long as the             

                                                                                

25  surviving spouse does not remarry.  Special assessments and                 

                                                                                

26  property taxes deferred under this act may be paid in full at any           

                                                                                

27  time.                                                                       


                                                                                

1       (2) If the collecting officer or the department determines                  

                                                                                

2   that legal or equitable title to a homestead or any part of a               

                                                                                

3   homestead for which special assessments or property taxes are               

                                                                                

4   deferred under this act is conveyed or transferred or a contract            

                                                                                

5   to sell the homestead or part of a homestead is entered into, and           

                                                                                

6   the deferment is not terminated, the owner or owner's estate                

                                                                                

7   shall be  is subject to an interest rate of 1% per month or                

                                                                                

8   fraction of a month, on the amount deferred, computed from the              

                                                                                

9   date of conveyance, transfer, or contractual agreement.  The                

                                                                                

10  amount of interest shall be payable to the collecting officer and           

                                                                                

11  transmitted by that office pursuant to section 9.                           

                                                                                

12      (3) The department shall notify each owner whose special                    

                                                                                

13  assessments or property taxes are authorized to be deferred under           

                                                                                

14  this act that if legal or equitable title to the homestead or any           

                                                                                

15  part of the homestead is conveyed or transferred or a contract to           

                                                                                

16  sell the homestead or part of the homestead is entered into, the            

                                                                                

17  deferment is terminated and the amount deferred is immediately              

                                                                                

18  due and payable, plus interest as provided in subsection (2).               

                                                                                

19      Sec. 3.  (1) An owner of a homestead who is 65 years of age                 

                                                                                

20  or older,  or  who is totally and permanently disabled, who                 

                                                                                

21  claims a dependency exemption under section 30(2) of the income             

                                                                                

22  tax act of 1967, 1967 PA 281, MCL 206.30, for a child who is less           

                                                                                

23  than 18 years old, or who is an adult in need of protective                 

                                                                                

24  services as defined in section 11 of the social welfare act, 1939           

                                                                                

25  PA 280, MCL 400.11, and who is a citizen of the United States, a            

                                                                                

26  resident of this state for 5 or more years, and the sole owner of           

                                                                                

27  the homestead for  5  3 or more years is eligible for the                   


                                                                                

1   deferment of special assessments and property taxes levied on               

                                                                                

2   that homestead pursuant to this act, if the equity in that                  

                                                                                

3   owner's homestead is not less than 25% of twice the state                   

                                                                                

4   equalized valuation of that homestead.  The owner and the owner's           

                                                                                

5   spouse shall not have received during the last calendar year                

                                                                                

6   household income as defined in section 508 of  Act No. 281 of the           

                                                                                

7   Public Acts of 1967, as amended, being section 206.508 of the               

                                                                                

8   Michigan Compiled Laws,  the income tax act of 1967, 1967 PA 281,           

                                                                                

9   MCL 206.508, in excess of  $8,000.00; this amount shall be                  

                                                                                

10  increased to  $10,000.00.  for the determination of eligibility             

                                                                                

11  for a deferment after December 31, 1982.  The gross amount of               

                                                                                

12  the  a special assessment deferred under this act, exclusive of            

                                                                                

13  interest, shall not be less than $300.00.                                   

                                                                                

14      (2) The maximum dollar amount of household income required by               

                                                                                

15  subsection (1) to be eligible for the deferment of special                  

                                                                                

16  assessments or property taxes under this act shall be adjusted              

                                                                                

17  each year, beginning on January 1, 1984, pursuant to the annual             

                                                                                

18  average percentage increase or decrease in the Detroit consumer             

                                                                                

19  price index  --all items  as defined and reported by the United             

                                                                                

20  States department of labor, bureau of labor statistics.   The               

                                                                                

21  adjustment shall be made by multiplying the annual average                  

                                                                                

22  percentage increase or decrease in the Detroit consumer price               

                                                                                

23  index for the prior calendar year by the current maximum dollar             

                                                                                

24  amount of the household income requirement as adjusted by this              

                                                                                

25  subsection.  The resultant product shall be added to the maximum            

                                                                                

26  dollar amount of the household income requirement as adjusted by            

                                                                                

27  this subsection and then rounded off to the nearest whole number,           


                                                                                

1   which shall be the new household income requirement for the                 

                                                                                

2   current year.                                                               

                                                                                

3       (3)  After January 1, 1975, a  A person  65 years of age or                 

                                                                                

4   older  who  otherwise  qualifies under this section for deferral            

                                                                                

5   of special assessments or property taxes who  fails  failed to              

                                                                                

6   pay a prior delinquent special assessment or property tax                   

                                                                                

7   assessment and  thereby  lost  the property  his or her homestead           

                                                                                

8   to the local unit of government  who purchased the property                 

                                                                                

9   through  tax  forfeiture, foreclosure, and sale may reacquire the           

                                                                                

10  property from the local unit of government through a land                   

                                                                                

11  contract.   The  A land contract for a  parcel of property                  

                                                                                

12  homestead reacquired under  the circumstances set forth in  this            

                                                                                

13  subsection shall be treated as a special assessment for purposes            

                                                                                

14  of this act.                                                                

                                                                                

15      (4)  The owner of a homestead who is 65 years of age or older               

                                                                                

16  or is totally and permanently disabled, a citizen of the United             

                                                                                

17  States, a resident of this state for 5 or more years, and the               

                                                                                

18  sole owner of the homestead for 5 or more years, in the year the            

                                                                                

19  special assessment was levied, and  A person who qualifies under            

                                                                                

20  this section for deferral of special assessments or property                

                                                                                

21  taxes who has borrowed money from a lending institution to pay a            

                                                                                

22  special assessment or property taxes before  the effective date             

                                                                                

23  of this subsection, shall be  January 8, 1981 is eligible to                

                                                                                

24  receive money from the special revolving fund created in section            

                                                                                

25  10, to be used  for the purpose of repaying  to repay the lending           

                                                                                

26  institution the principal amount used by the person to pay the              

                                                                                

27  special assessment or property taxes.  The department shall cause           


                                                                                

1   a lien on the homestead in favor of the state to be recorded with           

                                                                                

2   the appropriate register of deeds, indicating the amount of the             

                                                                                

3   money paid and identifying the homestead.  Money paid from the              

                                                                                

4   fund under this subsection shall be treated as if the money had             

                                                                                

5   been paid as deferred property taxes or special assessment.                 

                                                                                

6       Sec. 4.  An owner may apply to the local assessing officer                  

                                                                                

7   for deferment of the payment of special assessments on the                  

                                                                                

8   owner's homestead.  An owner may apply to the department for                

                                                                                

9   deferment of the payment of property taxes levied on the owner's            

                                                                                

10  homestead. The application shall be made upon an affidavit form             

                                                                                

11  to be furnished and made available by the department at                     

                                                                                

12  convenient locations throughout the state.  The affidavit form              

                                                                                

13  shall contain the following statement in 10-point  boldface                 

                                                                                

14  boldfaced type located immediately above the affiant's                      

                                                                                

15  signature:  "If this deferment is authorized the state will place           

                                                                                

16  a lien on your property."  The affidavit shall contain a                    

                                                                                

17  statement that the owner applying for the deferment of special              

                                                                                

18  assessments or property taxes under this act has received or has            

                                                                                

19  applied for all credits available to that owner under sections              

                                                                                

20  520 and 522 of the income tax act of 1967, 1967 PA 281,                     

                                                                                

21  MCL 206.520 and 206.522. A person making a false affidavit for              

                                                                                

22  the purpose of obtaining deferment of special assessments or                

                                                                                

23  property taxes under this act is guilty of perjury.  If the                 

                                                                                

24  homestead is owned jointly by husband and wife, each spouse shall           

                                                                                

25  sign and file the affidavit.  If the homestead is encumbered by a           

                                                                                

26  mortgage or an unpaid balance on a land contract, a deferment of            

                                                                                

27  special assessments or property taxes shall not be made without             


                                                                                

1   the written consent of the mortgagee or the land contract vendor,           

                                                                                

2   which shall be filed with the affidavit.  The affidavit shall be            

                                                                                

3   filed with the local assessing officer for the deferment of                 

                                                                                

4   special assessments and with the department for the deferment of            

                                                                                

5   property taxes at least 30 days  after  before the due date of a            

                                                                                

6   special assessment or installment of a special assessment or                

                                                                                

7   property tax bill for which deferment is requested.                         

                                                                                

8       Sec. 4a.  The application provided for in section 4 shall                   

                                                                                

9   contain both of the following:                                              

                                                                                

10      (a) A statement that the owner applying for the deferment has               

                                                                                

11  property and casualty insurance on that owner's homestead in an             

                                                                                

12  amount not less than the amount of all special assessments and              

                                                                                

13  property taxes deferred.                                                    

                                                                                

14      (b) An assignment to the state of the owner's interest in the               

                                                                                

15  property and casualty insurance on that owner's homestead in an             

                                                                                

16  amount equal to the total amount of all special assessments and             

                                                                                

17  property taxes deferred.                                                    

                                                                                

18      Sec. 5.  (1) Upon receipt of the affidavit, the local                       

                                                                                

19  assessing officer for the deferment of a special assessment and             

                                                                                

20  the department for the deferment of property taxes shall promptly           

                                                                                

21  examine it to determine if the applicant meets the requirements             

                                                                                

22  of this act and shall make an inspection of the property and                

                                                                                

23  property records and conduct an investigation and survey as  it             

                                                                                

24  deems  necessary.  An applicant shall not be compelled to supply            

                                                                                

25  information not reasonably essential to a proper determination of           

                                                                                

26  the eligibility of the owner and the homestead for the relief               

                                                                                

27  provided under this act.  The local assessing officer for the               


                                                                                

1   deferment of a special assessment and the department for the                

                                                                                

2   deferment of property taxes shall promptly make  its  a decision            

                                                                                

3   with respect to an application under this section and shall                 

                                                                                

4   notify the applicant of  its  that decision not later than the              

                                                                                

5   due date for a special assessment or for the property taxes                 

                                                                                

6   involved in the application.  A decision of the local assessing             

                                                                                

7   officer  shall be  is final except as otherwise provided                    

                                                                                

8   pursuant to  under the state constitution of 1963.                         

                                                                                

9       (2) The department shall annually do all of the following for               

                                                                                

10  the deferment of property taxes under this act:                             

                                                                                

11      (a) Determine that the person on whose behalf property taxes                

                                                                                

12  are deferred is eligible for the deferral of property taxes under           

                                                                                

13  section 3.                                                                  

                                                                                

14      (b) Secure an assignment to this state of any credit allowed                

                                                                                

15  under sections 520 or 522 of the income tax act of 1967, 1967               

                                                                                

16  PA 281, MCL 206.520 and 206.522, payable to the person on whose             

                                                                                

17  behalf the property taxes are deferred during the period in which           

                                                                                

18  property taxes are deferred on that person's homestead, which               

                                                                                

19  credit shall be applied to any lien imposed on that homestead               

                                                                                

20  under this act.                                                             

                                                                                

21      (c) Determine that the person on whose behalf property taxes                

                                                                                

22  are deferred has property and casualty insurance on his or her              

                                                                                

23  homestead in an amount not less than the amount of all special              

                                                                                

24  assessments and property taxes deferred and that the person on              

                                                                                

25  whose behalf property taxes are deferred has assigned to the                

                                                                                

26  state his or her interest in that property and casualty insurance           

                                                                                

27  in an amount equal to the total amount of all special assessments           


                                                                                

1   and property taxes deferred.                                                

                                                                                

2       Sec. 6.  The department shall pay the entire balance owing,                 

                                                                                

3   including delinquent amounts, of the special assessment or                  

                                                                                

4   property tax of an applicant who qualifies under this act.  The             

                                                                                

5   department shall transmit to the collecting officer the sum of              

                                                                                

6   money required to indemnify the local special assessment district           

                                                                                

7   or local tax collecting unit for a revenue loss resulting from              

                                                                                

8   the deferment of the special assessment or property tax.  At the            

                                                                                

9   same time, the department shall  cause the recording of  record a           

                                                                                

10  lien in favor of the state with the register of deeds of the                

                                                                                

11  county in which the homestead is located and notify the county              

                                                                                

12  treasurer of the county in which the homestead is located of the            

                                                                                

13  special assessment or property taxes deferred, indicating the               

                                                                                

14  amount deferred for property taxes and for each special                     

                                                                                

15  assessment and identifying the homestead.   The  If payment is              

                                                                                

16  made as required by this section, the county treasurer shall keep           

                                                                                

17  a record of the notice and shall require that the homestead be              

                                                                                

18  included in the subsequent return of delinquent taxes by each               

                                                                                

19  collecting officer, that the property is identified on the                  

                                                                                

20  delinquent roll as provided in this act, and that the amount of             

                                                                                

21  special assessment or property taxes shown on the roll as due and           

                                                                                

22  unpaid are the same as the amount approved by the department for            

                                                                                

23  deferment.  The sum received by the collecting officer from the             

                                                                                

24  department shall be distributed  to the several special                     

                                                                                

25  assessment districts in direct proportion to their respective               

                                                                                

26  shares of the total of special assessments deferred  in the same            

                                                                                

27  manner that distribution would be made had the same amount been             


                                                                                

1   received from the payment of the special assessments or property            

                                                                                

2   taxes The  If payment is made as required by this section, the           

                                                                                

3   collecting officer shall enter on the current tax roll opposite             

                                                                                

4   each homestead for which deferment is allowed a notation that               

                                                                                

5   payment is deferred pursuant to this act.                                   

                                                                                

6       Sec. 7.  The treasurer of  any  a city, township, or                        

                                                                                

7   village, required by  Act No. 206 of the Public Acts of 1893, as            

                                                                                

8   amended, being sections 211.1 to 211.157 of the Michigan Compiled           

                                                                                

9   Laws  the general property tax act, 1893 PA 206, MCL 211.1 to               

                                                                                

10  211.157, to make a return of delinquent taxes to the county                 

                                                                                

11  treasurer, shall include in the delinquent tax roll all                     

                                                                                

12  homesteads for which deferment of special assessments  are  or              

                                                                                

13  property taxes is approved, and shall enter on the delinquent tax           

                                                                                

14  roll opposite each  such item  special assessment or property tax           

                                                                                

15  levy a notation that payment is deferred  pursuant to  under this           

                                                                                

16  act.  In a city collecting its own delinquent taxes, the                    

                                                                                

17  treasurer  similarly  shall note on the city tax record of each             

                                                                                

18  such  property for which special assessments or property taxes             

                                                                                

19  are deferred that payment is deferred  pursuant to  under this              

                                                                                

20  act.  The collection of special assessments or property taxes               

                                                                                

21  deferred  for all such homesteads  under this act shall be made             

                                                                                

22  thereafter only  in accordance with this act, any law,                     

                                                                                

23  ordinance, or charter to the contrary notwithstanding.                      

                                                                                

24      Sec. 8.  Upon termination of the deferment of special                       

                                                                                

25  assessments or property taxes under this act, the collection                

                                                                                

26  procedures of  Act No. 206 of the Public Acts of 1893, as                   

                                                                                

27  amended  the general property tax act, 1893 PA 206, MCL 211.1 to            


                                                                                

1   211.157, and any provisions of any law, ordinance, or charter               

                                                                                

2   applicable to the collection of delinquent taxes in a city                  

                                                                                

3   collecting its own delinquent taxes, suspended  by the terms of             

                                                                                

4   under this act during the period of deferment, shall again apply            

                                                                                

5   to the deferred special assessments  the same as they would have            

                                                                                

6   applied had no  or property taxes as if a deferment had not been            

                                                                                

7   authorized and all of the special assessments or property taxes             

                                                                                

8   had been levied initially in the  third  year preceding the                 

                                                                                

9   calendar year in which the deferment was terminated, except that            

                                                                                

10  the provisions of those laws, ordinances, and charters with                 

                                                                                

11  respect to collection fees, interest, penalties, and other                  

                                                                                

12  charges shall not be applicable to the collection of, or                    

                                                                                

13  foreclosure of the lien for special assessments or property taxes           

                                                                                

14  deferred.  hereunder.  The lien for deferred special assessments            

                                                                                

15  or property taxes shall be for the amount of the special                    

                                                                                

16  assessments or property taxes only and shall not have any                   

                                                                                

17  additional fee, penalty, or interest added except as provided in            

                                                                                

18  this act.                                                                   

                                                                                

19      Sec. 8a.  (1) Except for an owner or owner's estate                         

                                                                                

20  qualifying for deferment of special assessments under this act              

                                                                                

21  before January 8, 1981, the payment of special assessments or               

                                                                                

22  property taxes deferred under this act made by the owner or                 

                                                                                

23  owner's estate shall include interest computed for periods after            

                                                                                

24  January 8, 1981, at a rate of 1/2 of 1% per month or fraction of            

                                                                                

25  a month.                                                                    

                                                                                

26      (2) The department shall notify each owner whose special                    

                                                                                

27  assessments or property taxes are authorized to be deferred under           


                                                                                

1   this act of the interest rate provided in this section.                     

                                                                                

2       (3) The lien created in section 6 for special assessments or                

                                                                                

3   property taxes deferred under this act shall include  an amount             

                                                                                

4   of  interest as provided in this section.                                   

                                                                                

5       (4) The department of treasury shall refund to each owner                   

                                                                                

6   who, before  the effective date of this subsection  January 8,              

                                                                                

7   1981, paid their special assessment or property taxes and was               

                                                                                

8   subject to the interest payment of subsection (1), an amount                

                                                                                

9   equal to the difference between the interest paid and the                   

                                                                                

10  interest  which  that would have been due at a rate of 1/2 of 1%            

                                                                                

11  per month or fraction of a month.                                           

                                                                                

12      (5) If a deferment of a special assessment was terminated by                

                                                                                

13  an owner solely by payment of the deferred special assessment               

                                                                                

14  after January 8, 1981, and before  the effective date of this               

                                                                                

15  subsection  June 4, 1981, the owner may reapply within 60 days of           

                                                                                

16  the effective date of this subsection to the local assessing                

                                                                                

17  officer for reinstitution of the previously deferred special                

                                                                                

18  assessment and the department of treasury shall refund the amount           

                                                                                

19  of the special assessment paid and redeferred to the owner.                 

                                                                                

20      Sec. 9.  Upon receipt of payment of special assessments or                  

                                                                                

21  property taxes deferred under this act, the collecting officer              

                                                                                

22  shall  forthwith  transmit the amount received to the department            

                                                                                

23  as reimbursement for the sums  theretofore  advanced  ,  to                 

                                                                                

24  indemnify the local special assessment districts or local tax               

                                                                                

25  collecting unit.                                                            

                                                                                

26      Sec. 10.  (1) There is created a special revolving fund                     

                                                                                

27  within the department to pay special assessments and property               


                                                                                

1   taxes under this act and the sum of $3,000,000.00 of the                    

                                                                                

2   principal of the Michigan veterans' trust fund shall be used for            

                                                                                

3   this investment purpose.                                                    

                                                                                

4       (2) An amount  which  that is paid by the department to a                   

                                                                                

5   local assessment district or local tax collecting unit for a                

                                                                                

6   deferred special assessment or deferred property taxes shall be             

                                                                                

7   paid from the special revolving fund created in subsection (1).             

                                                                                

8       (3) From the amounts received by the department as payment                  

                                                                                

9   for deferred special assessments or property taxes under this               

                                                                                

10  act, the department shall credit, on a quarterly basis, 1/2 of              

                                                                                

11  the total amount received to the special revolving fund created             

                                                                                

12  in this section, and shall transmit the remainder of this                   

                                                                                

13  quarterly payment to the Michigan veterans' trust fund until the            

                                                                                

14  initial $3,000,000.00 set forth in subsection (1) is repaid to              

                                                                                

15  the Michigan veterans' trust fund.                                          

                                                                                

16      (4) After the initial $3,000,000.00 set forth in                            

                                                                                

17  subsection (1) is repaid to the Michigan veterans' trust fund,              

                                                                                

18  the department shall credit, on a quarterly basis, the total                

                                                                                

19  amount received to the special revolving fund created in this               

                                                                                

20  section.                                                                    

                                                                                

21      (5)  (4)  Interest received pursuant to section 8a, and civil               

                                                                                

22  penalties received pursuant to section 2, shall be credited in              

                                                                                

23  full to the special revolving fund created in this section.                 

                                                                                

24      (6)  (5)  Amounts required to be transmitted to the Michigan                

                                                                                

25  veterans' trust fund under subsection (3) shall be reduced by the           

                                                                                

26  amount of principal and earnings  which was  returned to the                

                                                                                

27  Michigan veterans' trust fund before  the effective date of this            


                                                                                

1   subsection  January 8, 1981.