Michigan Compiled Laws, Chapter 322. State Lands § 322.371

Sec. 71. From the date of each and every such credit, the university fund shall be relieved from the payment of interest on an amount of the said “Michigan university state stock,” equal to the amount of such credit; and when the amount of said “Michigan university state stock” shall have been received into the state treasury, the state treasurer shall continue to make quarterly statements of the amount of treasury notes or warrants received, and credit the same to the university fund, and interest shall thereupon accrue, and shall annually be paid by the state to the treasurer of the board of regents, for the use of the university.