Michigan Laws 280.546 – Drainage board funds; investment of surplus, interest
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 280.546
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
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 directed by the drainage board. The interest earnings from such investments shall be credited by the county treasurer to such drainage district funds.