Michigan Laws 129.11 – Public money; definition
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Terms Used In Michigan Laws 129.11
- Deposit: includes the purchase of or investment in shares of a credit union. See Michigan Laws 129.16
- Local public entity: means a county, city, village, township, school district, district, authority, municipal corporation, or any other political subdivision organized under the laws of this state. See Michigan Laws 129.16
- 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
Except as otherwise provided by law, money collected or received by an officer of a local public entity in this state, pursuant to any provision of law authorizing the officer to collect or receive the money, is public money for the purposes of this act. An officer of a local public entity authorized to deposit public money collected or received by the local public entity shall as soon as practicable deposit the public money collected or received in 1 or more financial institutions designated under this act. This section does not prevent a county treasurer from keeping on hand a reasonable amount of money necessary to conduct the affairs of his or her office.