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Michigan Legislature
Michigan Compiled Laws Complete Through PA 233 of 2018
House: Adjourned until Wednesday, July 25, 2018 10:00:00 AM
Senate: Adjourned until Wednesday, July 25, 2018 10:00:00 AM

Michigan Legislature

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Section 280.496

THE DRAIN CODE OF 1956 (EXCERPT)
Act 40 of 1956


280.496 Drainage board funds; investment of surplus, interest.

Sec. 496.

The drainage board may direct the treasurer of any drainage district to invest any surplus funds belonging to and under the control of the drainage board, in bonds and other direct obligations of the United States or in certificates of deposit or depository receipts of any bank which is a member of the federal deposit insurance corporation in such amounts and issues as shall be directed by the drainage board. The interest earnings from such investments shall be credited by the county treasurer to such drainage district funds.


History: Add. 1970, Act 144, Imd. Eff. Aug. 1, 1970
Popular Name: Act 40


© 2017 Legislative Council, State of Michigan

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