Michigan Compiled Laws, Chapter 399. Historical Records and Sites § 399.112

Sec. 2. The department of history, arts, and libraries may receive and hold in trust for the state a grant or devise of land or rights in land and a gift or bequest of money or other nonhistoric personal property made for the purposes of this act. If money or other personal property is received, the property shall be appraised at current market value and be turned over to the state treasurer who shall preserve and invest all money and property received as provided by law. The invested funds shall be known as the state historic site fund and the proceeds shall be used and expended under the direction of the department of history, arts, and libraries to carry out the purposes of this act.