HOUSE BILL No. 4589


     April 9, 1997, Introduced by Reps. Schermesser, DeHart, Leland, Hale, Wojno, Mans, Parks, Thomas, Schauer, Kilpatrick, Bogardus, Rison, Quarles, Martinez, Scott, Varga and Kaza and referred to the Committee on Commerce.


        A bill to amend 1915 PA 59, entitled

   "An act to provide for the construction, improvement and mainte-
   nance of highways; for the levying, spreading and collecting of
   taxes and of special assessments therefor; to authorize the bor-
   rowing of money and the issuance of bonds under certain restric-
   tions, regulations and limitations; to prescribe the powers and
   duties of certain officers with reference thereto; and to vali-
   date certain proceedings heretofore taken,"

   by amending section 25 (MCL 247.425).

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 1         Sec. 25.  (1)  The moneys  MONEY collected on account of

 2     such  AN improvement shall be paid  over  to the county trea-

 3    surer  ,  and  placed to the credit of  CREDITED TO the special

 4    assessment district.  Such moneys shall be paid out on the 

 5         (2) THE MONEY SHALL BE DISBURSED ONLY BY AN order of the

 6     board of  county road  commissioners  COMMISSION or the state

 7     highway commissioner,  TRANSPORTATION COMMISSION AND only for

 8    the purposes of this act.  It shall be the duty of said 


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 1         (3) THE county treasurer  to  SHALL deposit  all moneys in

 2     his custody belonging to any such body so that the same shall 

 3    THE MONEY IN A MANNER THAT WILL draw interest, in  some bank or

 4     banks  A FINANCIAL INSTITUTION approved by the COUNTY board of

 5     supervisors  COMMISSIONERS or by the state  highway

 6     commissioner  TRANSPORTATION COMMISSION.  The interest  so drawn

 7     shall accrue to and  ACCRUED SHALL become a part of the fund.

 8     In any case where the 

 9         (4) ASSETS ACCEPTABLE FOR PLEDGING TO SECURE DEPOSITS OF

10    COUNTY FUNDS ARE CONSIDERED ACCEPTABLE TO THE STATE TREASURER

11    UNDER SECTION 3 OF 1855 PA 105, MCL 21.143, TO SECURE DEPOSITS OF

12    STATE SURPLUS FUNDS.

13         (5) IF THE improvement is carried on by and under the direc-

14    tion of the state  highway commissioner he  TRANSPORTATION COM-

15    MISSION, THE COMMISSION shall  have the sole right to  designate

16     in what depositaries  THE FINANCIAL INSTITUTION the money  shall

17     be placed  IS TO BE DEPOSITED UNDER THIS ACT.

18         (6) AS USED IN THIS SECTION, "FINANCIAL INSTITUTION" MEANS A

19    STATE OR NATIONALLY CHARTERED BANK, SAVINGS AND LOAN ASSOCIATION,

20    SAVINGS BANK, OR CREDIT UNION WHOSE DEPOSITS ARE INSURED BY AN

21    AGENCY OF THE UNITED STATES GOVERNMENT AND WHICH MAINTAINS A

22    PRINCIPAL OFFICE OR BRANCH OFFICE LOCATED IN MICHIGAN UNDER THE

23    AUTHORITY OF THE LAWS OF MICHIGAN OR OF THE UNITED STATES.











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