SURPLUS FUNDS INVESTMENT REPORT S.B. 678: COMMITTEE SUMMARY
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Senate Bill 678 (as introduced 8-22-07)
Sponsor: Senator Tony Stamas
Committee: Local, Urban and State Affairs
Date Completed: 10-15-07
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 fiscal impact on State or local government.
Fiscal Analyst: David Zin
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