Michigan Compiled Laws Act 99 Of 1909 Depositories For Public Moneys (129.31 - 129.40)

• Section 129.31 Deposit Of Money, Drafts, Or Checks In Designated Financial Institution; Keeping Sum On Hand In Treasurer's Office; Interest; Secured Deposits; Limitation On Acceptable Assets.
  (1) The county treasurer shall deposit daily money, drafts, or checks on hand received by the treasurer as treasurer in a financial institution designated...
• Section 129.32 Notices Soliciting Sealed Bids For Deposit Of Public Funds; Designation Of Financial Institution; Period; Rejection Of Bids; Contract With Financial Institution; Bond; Surety; Drawing On Funds; Requesting Or Advertising For Bids Outside Of County; Resolution.
  (1) The county clerk or, if the county has a board of auditors, the county board of auditors before October 1 in each year...
• Section 129.33 Bond.
  (1) Before a deposit is made with a financial institution, the institution shall execute and deliver to the county board of commissioners or the...
• Section 129.34 Disposition Of Interest Money.
  The interest money paid by a financial institution on the deposits of a county shall be credited to and form a part of the...
• Section 129.35 Additional Bonds.
  The board of supervisors or the board of county auditors is hereby authorized to require new and additional bonds or security from the county...
• Section 129.36 Withdrawal Of Deposits; Suspending Payment Of Deposits; Liability.
  (1) If the county board of commissioners or the board of county auditors considers it unsafe to continue the deposits with a financial institution,...
• Section 129.36a Deposit Of Additional County Funds; Limitation.
  Notwithstanding section 1, additional county funds shall not be deposited in a financial institution which is not eligible to be a depository of surplus...
• Section 129.37 Board Of County Auditors; Powers And Duties.
  All powers conferred and duties imposed upon the boards of supervisors or the boards of county auditors under the provisions of this act, shall,...
• Section 129.37a “deposit” Defined.
  As used herein, “deposit” includes purchase of or investment in shares of credit unions. History: Add. 1979, Act 86, Imd. Eff. Aug. 1, 1979
• Section 129.38 County Treasurer; Accounts With Banks.
  It shall be the duty of the county treasurer to keep the accounts of the treasurer with all banks or depositories, where any moneys...
• Section 129.38a “interest” Defined.
  As used herein, “interest” includes dividends on credit union shares. History: Add. 1979, Act 86, Imd. Eff. Aug. 1, 1979
• Section 129.39 Violation Of Act; Penalty.
  Any person guilty of a violation of any of the provisions of this act shall on conviction thereof be punished by a fine not...
• Section 129.40 “financial Institution” Defined.
  As used in this act, “financial institution” means a state or nationally chartered bank or a state or federally chartered savings and loan association,...

Last modified: October 10, 2016