Michigan Laws 252.6 – Inter-county highway commission; officers; employees; records; warrants; reports; depositories; interest; secured deposits; limitation on acceptable assets; “financial institution” defined
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(1) Within the limits of the funds provided by participating counties, the commission shall name its officers from its membership, except as otherwise provided in this act, and shall appoint engineers, attorneys, officers, agents, and other employees as may be necessary to carry out its duties.
(2) The commission shall keep a record of its proceedings and designate 2 or more of its members to sign and countersign all warrants, drafts, checks, and orders for the payment of money.
Terms Used In Michigan Laws 252.6
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
- United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
(3) The commission shall make an annual report to each county in the district of money received and expended and shall designate a financial institution as the depository of its funds and arrange for interest on daily balances.
(4) Assets acceptable for pledging to secure deposits of commission funds are limited to any of the following:
(a) Assets considered acceptable to the state treasurer under section 3 of 1855 PA 105, MCL 21.143, to secure deposits of state surplus funds.
(b) Any of the following:
(i) Securities issued by the federal home loan mortgage corporation.
(ii) Securities issued by the federal national mortgage association.
(iii) Securities issued by the government national mortgage association.
(c) Other securities considered acceptable to the commission and the financial institution.
(5) As used in this section, “financial institution” means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government and which maintains a principal office or branch office located in this state under the laws of this state or the United States.