Sec. 21506a.

(1) The refined petroleum fund is created within the state treasury.

(2) The state treasurer may receive money or other assets from any source for deposit into the refined petroleum fund. The state treasurer shall direct the investment of the refined petroleum fund. The state treasurer shall credit to the refined petroleum fund interest and earnings from refined petroleum fund investments.

(3) Money in the refined petroleum fund at the close of the fiscal year shall remain in the refined petroleum fund and shall not lapse to the general fund.

(4) Subject to subsection (5), money from the refined petroleum fund shall be expended, upon appropriation, only for 1 or more of the following purposes:

(a) For gasoline inspection programs under both of the following:

(i) The weights and measures act, 1964 PA 283, MCL 290.601 to 290.634.

(ii) The motor fuels quality act, 1984 PA 44, MCL 290.641 to 290.650d.

(b) Not more than $15,000,000.00 of the money transferred to the refined petroleum fund pursuant to section 21506(6), for the refined petroleum product cleanup initial program and for the department's administrative costs associated with the temporary reimbursement program.

(c) Not more than $45,000,000.00 of the money transferred to the refined petroleum fund pursuant to section 21506(6), for implementation of the temporary reimbursement program.

(d) For corrective actions necessary to address releases of refined petroleum products under a refined petroleum product cleanup program established by law.

(e) For the reasonable administrative costs of the department, the department of agriculture, the department of attorney general, and the department of treasury in administering the refined petroleum fund and in implementing the programs receiving revenue from the refined petroleum fund.

(5) For the state fiscal year ending September 30, 2007 only, surplus funds of $70,000,000.00 in the refined petroleum fund are hereby appropriated to the environmental protection fund created in section 503a.