Section 324.19708 - Funds; transfer; use; deposit of certain bonds in determination of allocation and transfer; audit(1) Subject to subsections (2), (3), and (4), the state treasurer shall transfer money in the fund as follows: (a) In aggregate, not more than $290,000,000.00 of the money in the fund shall be deposited into the state water pollution control revolving fund created in section 16a of the shared credit rating act, 1985 PA 227, MCL 141.1066a.(b) In aggregate, not more than $710,000,000.00 of the money in the fund shall be deposited into the strategic water quality initiatives fund created in section 5204.(2) Money in the fund may be used by the department of treasury to pay for the cost of issuing bonds and the costs incurred under section 19703(3).(3) Bonds that are directly deposited into the state water pollution control revolving fund or strategic water quality initiatives fund as authorized by section 19703 shall be taken into account for the purpose of determining the allocation and transfer of money set forth in subsection (1).(4) Not later than December 14, 2012, the auditor general shall conduct an audit of the fund to assure that the money in the fund has been expended in compliance with law. Not later than December 14, 2014, the auditor general shall update its initial audit to assure that money in the fund has been expended in compliance with law.Amended by 2012, Act 562,s 1, eff. 1/2/2013.Amended by 2010, Act 232,s 6, eff. 12/14/2010.Amended by 2005, Act 256, s 1, eff. 12/1/2005.Add. 2002, Act 397, Eff. 11/5/2002.