SURPLUS FUNDS INVESTMENT S.B. 678: FLOOR ANALYSIS
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Senate Bill 678 (as reported without amendment)
Sponsor: Senator Tony Stamas
Committee: Local, Urban and State Affairs
CONTENT
The bill would amend Public Act 20 of 1943, which pertains to the investment of surplus funds of political subdivisions, to require a quarterly, rather than annual, written report concerning the investment of surplus funds. Currently, the investment officer of a public corporation must provide this report annually to the governing body of the public corporation. Under the bill, the report would have to be made quarterly.
MCL 129.96 Legislative Analyst: Craig Laurie
FISCAL IMPACT
The bill would have no impact on State or local government.
Date Completed: 10-17-07 Fiscal Analyst: David Zin
floor\sb678 Analysis available @ http://www.michiganlegislature.org
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.
Analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent. sb678/0708